According to the report of the Ho Chi Minh City People's Committee at the 10th session of the 10th City People's Council (term 2021-2026), it is estimated that the amount of remittances in the area in the first 6 months of 2023 is 4.4 billion USD, equal to 66% compared to 2022.
The City People's Committee believes that the positive growth trend of remittances will contribute to stabilizing exchange rates, stabilizing the foreign exchange market and promoting economic growth in Ho Chi Minh City.
From the beginning of 2021 to June 2023, the cumulative amount of remittances in the city reached 18.07 billion USD, an increase of 68.42% compared to the first half of the previous term.
Regarding data on foreign direct investment (FDI), the city has 11,007 valid foreign investment projects, with a total investment capital including newly granted and increased capital of about 55.45 billion USD (HCMC leads the country in the number of valid projects).
In the period from 2021 to June 2023, the total FDI capital in the locality is estimated to reach 12.65 billion USD. The city strives to attract a total of 4.4 billion USD in foreign investment capital for the whole year of 2023. In 2024, Ho Chi Minh City is expected to attract about 5 billion USD, and in 2025, it is expected to attract about 6.2 billion USD.
Ho Chi Minh City People's Committee believes that although global economic growth is declining and Vietnam's economy is facing many difficulties, foreign investors still consider Vietnam a potential investment market in both the short and long term.
Many FDI enterprises in the Ho Chi Minh City High-Tech Park have decided to expand their investment in the recent period, in which the result of attracting foreign investment capital in the high-tech park reached 4.521 billion USD (including increased investment capital for production expansion), accounting for more than 30% of the city's total investment capital attracted during the mid-term from 2021 to April 2023. FDI enterprises with large increases in investment capital include Intel, Samsung, Nipro...
The expansion of production by foreign-invested enterprises has contributed to enhancing Vietnam's role in the global supply chain, creating many high-quality jobs.
However, the city government recognizes that competition among developing countries in attracting foreign investment will be fierce, foreign investment flows are forecast to decrease in 2023, while the need to attract investment capital for the recovery and development period after the Covid-19 pandemic increases.
Foreign investment projects in high-tech zones are slowing down as some economies plan to apply a global minimum tax of 15% from early 2024. There are signs that large corporations are being more cautious and thorough in considering continuing to invest abroad, including in Vietnam.
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