As of the beginning of October, Ho Chi Minh City has licensed nearly 30,000 new businesses with combined registered capital totaling VND667 trillion (US$28.64 billion), according to the municipal Department of Planning and Investment.

The number of newly-established enterprises declined 7.5% compared to the same period last year; however, their registered capital was up 34.7% year-on-year.

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

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

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

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