Ho Chi Minh City draws nearly $10bn in FDI amid strong performance across other sectors

The $9.8 billion figure was recorded from the beginning of the year through July 24, equivalent to 89 percent of the full-year target.

Of the total, more than $6.8 billion was secured in the first six months, with the remainder reported in July alone.

The period saw 1,188 new FDI projects licensed with total registered capital of more than $3.6 billion, while 181 existing projects registered nearly $3.5 billion in additional capital.

Along with strong FDI attraction, many other areas also posted notable growth.

The domestic business sector also remained robust, with 34,096 new businesses registering a combined VND225.883 trillion ($8.59 billion) in capital.

The number of newly registered businesses rose 22.8 percent year on year, while their total registered capital jumped 38.6 percent.

Industrial activity also gained momentum, with the city's Index of Industrial Production increasing 10.7 percent year on year in January-July.

The processing and manufacturing sector, the main driver of industrial output, expanded 11.2 percent during the period.

The city's four key industrial sectors, chemicals and pharmaceuticals, mechanical engineering, food processing, and electronics, expanded 11.9 percent, outpacing overall industrial production.

The chemicals and pharmaceuticals sector posted the strongest increase at 17.6 percent, followed by mechanical engineering at 14.8 percent.

Retail sales and consumer services also performed strongly, with combined revenue estimated at more than VND1.13 quadrillion ($43 billion) in the first seven months, up 13.3 percent year on year.

Revenue from sales of wood and construction materials rose 21.8 percent, while household goods and equipment increased 13.6 percent and accommodation and food services climbed 13.7 percent.

The real estate sector generated VND242.676 trillion ($9.23 billion) in revenue, up 7.9 percent from a year earlier.

The financial market remained active during the period, with total deposits at credit institutions reaching VND5,694 trillion ($216.5 billion) at the end of July, up 16.1 percent year on year.

Outstanding credit rose 18.4 percent to VND5,650.8 trillion ($214.9 billion).

The Ho Chi Minh Stock Exchange, or HOSE, ended June at 1,860 points, with its market capitalization exceeding VND8.7 quadrillion ($330.8 billion), equivalent to 2.9 times the city's gross regional domestic product.

State budget revenue was estimated at VND570.442 trillion ($21.7 billion) through July, equivalent to 70.2 percent of the full-year target and up 19.6 percent year on year.

Domestic revenue accounted for the largest share at more than VND428 trillion ($16.3 billion), up 23 percent, while crude oil revenue reached nearly VND35 trillion ($1.33 billion), up 27.4 percent.