According to the report of the Ho Chi Minh City People's Committee at the 10th session of the 10th term of the City People's Council (2021-2026), the estimated amount of remittances in the city in the first six months of 2023 was 4.4 billion USD, equivalent to 66% compared to 2022.
The People's Committee of Ho Chi Minh City believes that the positive growth trend of remittances will contribute to stabilizing the exchange rate, 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 foreign direct investment (FDI) data, the city has 11,007 active foreign investment projects, with a total investment capital, including new and increased capital, of approximately US$55.45 billion (Ho Chi Minh City leads the country in the number of active projects).
From 2021 to June 2023, the total FDI into the locality is estimated at US$12.65 billion. The city aims to attract a total of US$4.4 billion in foreign investment for the whole year of 2023. In 2024, Ho Chi Minh City expects to attract approximately US$5 billion, and in 2025, it expects to attract approximately US$6.2 billion.
The Ho Chi Minh City People's Committee believes that, despite the global economic slowdown and the difficulties facing the Vietnamese economy, foreign investors still consider Vietnam a potential investment market in both the short and long term.
Many FDI enterprises in Ho Chi Minh City's High-Tech Park have decided to expand their investments in the recent period. As a result, the high-tech park attracted US$4.521 billion in foreign investment (including increased investment for production expansion), accounting for over 30% of the city's total investment attraction during the mid-term period from 2021 to April 2023. FDI enterprises with significant investment increases include Intel, Samsung, and Nipro.
The expansion of production by foreign-invested enterprises has contributed to enhancing Vietnam's role in the global supply chain and 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 projected to decrease in 2023, while the need to attract investment for the recovery and development phase after the Covid-19 pandemic is increasing.
Foreign investment projects in high-tech zones are slowing down as some economies are expected to implement a global minimum tax rate of 15% from the beginning of 2024. There are signs that large corporations are being more cautious and thorough in considering further overseas investments, including in Vietnam.
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