Real Estate Firms Outnumber Other Sectors in HCMC in 2017

Real Estate Firms Outnumber Other Sectors in HCMC in 2017
December 03 08:41 2017 Print This Article

According to a report released by the HCMC government today, in the period of January – November, 37,600 enterprises were set up with total registered capital of $22.04 billion USD (500.8 trillion VND), up 87.9% year-on-year respectively.

The number of newly established enterprises in HCMC in the year during this time increased by 14.1% over 2016, with property companies making up the largest proportion, 42.2%, according to the city government. The number of enterprises in wholesale and retail, and automobile and motorcycle repair sectors ranked second with 15.7%, followed by construction firms with 12.1%, and those specializing in science, technology, consulting, design and advertising with 6.8%.

The city has encouraged household businesses to convert into enterprises, and in the 11-month period, nearly 2,800 family-run businesses turned into firms. As for foreign investment, the city attracted US$5.57 billion in the period, up a staggering 96.6% over the same period last year.

Real estate businesses had total registered capital of over $9.4 billion USD an increase of 95% over 2016, with the majority of the new foreign investments committed to property projects, followed by investments into manufacturing, processing, retail sales and wholesale and retail sales.

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