At a socio-economic briefing on April 2, the Department of Finance said the city attracted nearly USD 2.9 billion in FDI in the first quarter, up almost 220 per cent year on year. A standout project was TikTok Shop Vietnam.
The project, led by TikTok PTE LTD of Singapore, is a newly licensed investment with capital of USD 125 million in the information and communications sector.
The investment follows earlier meetings between TikTok executives and Ho Chi Minh City authorities late last year. The platform is considering shifting three services from offshore provision to onshore operations at the city’s international financial centre.
TikTok is expected to submit applications to establish three companies at the financial centre, focusing on logistics services, digital payments and digital commerce.
Other new projects include the Techtronic Tools Vietnam factory, backed by Techtronic Industries Company Pte Ltd of Singapore, with an investment of USD 81 million in manufacturing and processing.
The city also recorded several notable capital increases. MSD Animal Health Vietnam of the Netherlands added USD 80 million, SP Vietnam Ho Chi Minh City of Singapore increased investment by USD 67 million, and Momogi Group Vietnam contributed more than USD 55 million.
In terms of capital contributions and share acquisitions, the largest deal saw an Indonesian investor inject more than USD 1.7 billion into VLD Investment and Financial Joint Stock Company. Additional investments from South Korea, Singapore and China targeted finance, technology and supporting industries.
According to the Department of Finance, the nearly USD 2.9 billion inflow in the first quarter reflects strong foreign investor confidence in Ho Chi Minh City’s business environment, despite ongoing global economic uncertainties. The city aims to attract around USD 11 billion in FDI this year.
Looking ahead, Ho Chi Minh City will prioritise projects in high technology, innovation, data centres, logistics and green growth, while accelerating administrative reforms to sustain foreign investment inflows.
