Saigon laughing all the way to the bank as new business capital surges 85 percent to $18 bln

By Vi Vu   October 10, 2017 | 02:12 pm GMT+7
Saigon laughing all the way to the bank as new business capital surges 85 percent to $18 bln
Nguyen Hue Walking Street in Saigon center. Photo by VnExpress/Phong Vinh

The city also attracted $3.74 billion in FDI pledges during the first nine months of the year.

Vietnam’s commercial center Saigon has enjoyed a vibrant year so far with business openings and registered capital both recording strong growth in the first nine months.

Figures from the city's government show that business openings between January and September increased 13 percent from a year ago to around 30,000, while newly registered capital went up a staggering 85 percent to VND400 trillion (nearly $18 billion) during the period.

The real estate sector continued to lead the way, accounting for nearly 40 percent of the capital.

According to property consultants Savills, 5 percent of the new businesses that have opened in the city this year are foreign.

Nearly a quarter of the 83,500 foreigners working in Vietnam live in Saigon, making it the country’s biggest expat hub.

The megacity also attracted $3.74 billion worth of FDI pledges in the first nine months, a 63 percent increase from a year ago and more than any other province or city in the country.

Foreign arrivals to the city so far this year have increased nearly 16 percent to around 4.2 million, according to the city’s tourism department.

 
 
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