Ho Chi Minh City attracted $19.1 billion in registered foreign direct investment in the first 10 months of 2026, 4.2 times the amount recorded a year earlier, according to the city's statistics agency, as reported by VnExpress International on Tuesday. The total gave Vietnam's largest city more than 30% of all foreign capital registered in the country over the period.

For investors in Asia, the figures show where Vietnam's investment boom is concentrating. After its merger with Binh Duong and Ba Ria-Vung Tau provinces, the expanded city has more than 14 million residents and produces about 23.5% of national output, VnExpress reported. It now combines the country's main financial center with a large manufacturing belt and the Cai Mep-Thi Vai deepwater port complex.

Ho Chi Minh City FDI led by port and AI data center

Of the city's total, nearly $9.8 billion came from 1,726 newly licensed projects. Existing projects added $5.7 billion in registered capital, and foreign investors put more than $3.6 billion into domestic businesses through capital contributions and share purchases, the statistics agency said.

Two projects account for a large slice. Nguyen Loc Ha, vice chairman of the Ho Chi Minh City People's Committee, cited the Can Gio International Transshipment Port, with investment of more than $4.9 billion, and a $2.1 billion AI Factory data center project. He called the inflows "a positive sign of investors' interest and confidence in the city," speaking at the Fortune Southeast Asia 500 Summit in the city.

Ha said the city would focus on four areas to draw more capital: better institutions and long-term planning, linking foreign investors with local suppliers, building infrastructure such as an international financial center, free trade zones and logistics, and improving public services and transparency for businesses.

The city's other indicators were firm. Industrial production rose 11% from a year earlier over the 10 months, exports increased 10.9% and retail sales of goods and consumer services grew 14.7%. Public investment disbursement topped 114.4 trillion dong ($4.48 billion), or 77.5% of the annual plan, VnExpress reported.

Vietnam's national FDI at highest since 2009

The city's surge sits inside a record national year. Total registered FDI in Vietnam reached $54.85 billion as of Oct. 31, up 74% from a year earlier and the highest for the period since 2009, the National Statistics Office under the Ministry of Finance reported on Nov. 3, according to the Vietnam News Agency.

Capital for newly licensed projects more than doubled to $30.73 billion across 3,478 projects. Existing projects added $16.13 billion, up 33.2%, and capital contributions and share purchases rose 49.6% to $7.99 billion. Processing and manufacturing took $14.61 billion, or 47.5%, of new project capital, followed by transport and warehousing at $5.15 billion.

Singapore was the largest source of newly registered capital at $9.52 billion, or 31% of the total. South Korea followed with $5.81 billion, then Luxembourg with $4.99 billion, Hong Kong with $3.57 billion and China with $2.77 billion. Vietnam Briefing noted that these rankings reflect where the direct investor is registered, which can differ from the location of the ultimate owner.

Money actually spent is growing far more slowly than pledges. Disbursed FDI reached an estimated $24.08 billion, up 13.1% and the highest for the period in five years, with manufacturing accounting for 82.9% of it. Vietnam Briefing reported that a government resolution issued on Sept. 22 sets a goal of $200 billion to $300 billion in registered FDI and $150 billion to $200 billion in disbursed FDI by 2030. The strong inflows have also supported the currency, which hit an 18-month high against the dollar last month on a record trade surplus.

Prices and local business formation lag

The picture for domestic companies in Ho Chi Minh City is weaker. From the start of the year through Oct. 20, the city licensed more than 44,700 new businesses with registered capital of 365.185 trillion dong. The number of new businesses fell 6% from a year earlier, while their registered capital dropped 58.1%, according to VnExpress.

Inflation is also running higher. Rising global fuel prices pushed the city's consumer price index up an average of 4.78% over the 10 months, the report said.

The city is also planning the hard infrastructure to handle more freight. VnExpress reported this week that it plans a network of 10 logistics hubs to connect industrial zones with seaports and airports. The next national read on whether pledges are turning into spending comes with the statistics office's November data, due in early December.