Chinese social media giant TikTok has registered to invest US$125 million in HCMC in logistics services, digital payments and digital commerce.
The pledge was made by investor TikTok Pte. Ltd. (Singapore), a report released Thursday by the HCMC Department of Finance said without any reference to the likely timeframe.
The pledge follows meetings between TikTok executives and city authorities late last year. TikTok plans to establish three companies at the HCMC International Financial Center.
A person holds a smartphone displaying the TikTok logo. Photo by Unsplash/solenfeyissa |
The department said the city attracted nearly $2.9 billion in foreign direct investment (FDI) in the first quarter, up 220% year-on-year.
Notable projects include a new manufacturing plant by Techtronic Industries Company Pte. Ltd (Singapore) that will cost $81 million and expansion by Dutch company MSD Animal Health ($80 million), Singapore’s SP Vietnam ($67 million) and Indonesia’s Momogi Group ($55 million).
The department said the jump in investment is a reflection of foreign investors’ confidence in HCMC’s business environment despite the ongoing global economic volatility.
The city aims to attract $11 billion in FDI this year, with priority for high-tech, innovation-driven projects, data centers, logistics, and green growth.
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