Workers at the Nidec Sankyo Viet Nam in HCM City. — File Photo

HCM City attracted US$1.37 billion worth of foreign direct investment in the first five months of this year, a year-on-year increase of 45.8 percent, according to the Department of Planning and Investment.

Authorities issued investment certificates to 283 new projects worth $342 million, while 81 existing projects increased their investment by $287 million.

The city also approved 775 M&A deals worth $742 million.

The processing and manufacturing industry attracted the biggest sum of nearly $123 million, followed by wholesale and retail, automobile and motorcycle repair, information and communications, and real estate.

Besides, 15,500 local companies were established in the period with a combined capital of nearly VND193 trillion (S$8.53 billion), increases of 10.4 per cent and 54.2 per cent year-on-year, the department said.

Over 22,000 others registered to increase their capital by a combined VND259.8 trillion.

Together, local investment rose by 2.4-fold to over VND453 trillion.

The business sector is expected to grow faster during the rest of this year since authorities have been making intensive efforts to improve the business environment, the department said. — VNS