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Ho Chi Minh City invites foreign investments in 255 infrastructure projects

Ho Chi Minh City invites foreign investments in 255 infrastructure projects

The Hanoitimes - In 2018, Ho Chi Minh City’s gross regional domestic product (GRDP) expanded 8.3%, making up 24.16% of Vietnam’s GDP, the highest rate so far.

19:00, 30/03/2019

Ho Chi Minh City is calling for foreign investment in 255 projects in the fields of infrastructure development, smart urban, and environment, among others, according to Nguyen Thien Nhan, secretary of the city's Party Committee. 

Overview of the conference. (Source: VGP)

Overview of the conference. (Source: VGP)

In 2018, Ho Chi Minh City’s gross regional domestic product (GRDP) grew 8.3%, making up 24.16% of Vietnam’s GDP, the highest rate to date, Nhan said in a meeting between the city’s leaders and foreign-invested enterprises on March 23. 

Additionally, the city attracted over US$7 billion in foreign capital last year, up 15% against 2017, accumulating a total of US$44.94 billion for 8,112 foreign invested project so far, Nhan stated. 

Such high number has cemented the city’s status as one of the top investment destination for foreign investors in Vietnam, Nhan added. 

In 2019, Ho Chi Minh City would give priority to privatizing state-owned enterprises and realizing the project of turning the city into a smart city. At the same time, the city expects to announce the proposal of developing logistics sector until 2025, with a vision to 2030. 

Nhan also revealed the city’s ambition to become a financial hub of the region and plans to construct a 300-hectare industrial park applying high technologies, as well as developing a strategy for its tourism industry until 2030. 

Moreover, Ho Chi Minh City is collaborating with the International Finance Corporation for credit and financial management rating, with a view for later bond issuance. 

Vice Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Tomaso Andreatta said a growing number of European companies have chosen Ho Chi Minh City for investment, indicating its attractiveness as an investment environment. 

Andreatta recommended Ho Chi Minh City speed up infrastructure development projects, including the expansion of Tan Son Nhat Airport, the Ben Thanh – Suoi Tien metro line project, among others. 

EuroCham is willing to support Ho Cho Minh City in development planning, building smart city and attracting high quality FDI projects, Andreatta added. 

According to Choi Bun Do, vice president of the Korean Chamber of Commerce and Industry (KoCham), South Korean companies said in order for greater efficiency in the process of technology transfer, Vietnamese enterprises must increase investment in R&D, along with developing human resources. 

Chairman of the Italian Chamber of Commerce in Vietnam (ICham) Michele D’Ercole expected foreign capital to Vietnam in 2019 would increase sharply, especially in terms of quality. 

According to D’Ercole, more and more Italian companies are looking to invest in Vietnam or relocating their production facilitates in Asia to the country and Ho Chi Minh City in particular. 

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