A textile company in HCM City. HCM City has licenced nearly 30,000 new businesses with combined registered capital totaling VND667 trillion (US$28.64 billion) as of the beginning of October. — Photo doanhnhansaigon.vn

HCM City has licenced nearly 30,000 new businesses with combined registered capital worth a total of VND667 trillion (US$28.64 billion) as of the beginning of October, according to the municipal Department of Planning and Investment.

The number of newly-established enterprises declined 7.5 per cent compared to the same period last year, though registered capital was up 34.7 per cent year-on-year.

The southern hub lured $3.25 billion in foreign direct investment (FDI) in the first nine months of this year, down 28 per cent from a year prior.

Up to $407.4 million was poured into 719 newly-licensed projects, $283.8 million added into 163 underway projects and $2.56 billion invested in 2,911 share trading deals.

Trade was the leading sector in FDI attraction with more than $751 million, accounting for more than 23 per cent of the total. It was followed by the property sector with $726.8 million and science-technology with $685.5 million.

The department said that in the future, the city will prioritise three investment areas: smart city, highly interactive and innovative urban area in eastern HCM City, and regional and international financial centre construction. — VNS