HCM City attracts US investment

HCM City hopes to attract investment from the US after a delegation led by a deputy chairman of its People's Committee visited that country and promised plenty of incentives - VNS Photo

During the visit, speaking at a trade promotion seminar in San Francisco last month, Tuyen offered 10-year-long tax and land incentives to American investors.

"HCM City will play its role in creating breakthroughs in three key fields — institution, human resource quality and infrastructure — to make the city an attractive and reliable destination for the investors," he told the seminar.

The city would continue with its administrative reforms and offer more tax and land incentives to attract investors, he added.

Tuyen also met with overseas Vietnamese and executives of top science and technology companies to solicit investment.

He visited the Viet Nam Resources Group's headquarters in California to meet with 10 local IT businesses to outsource software.

A Texas Instrument Company executive said the company plans to invest US$6 billion in Southeast Asia and would study the investment climate in HCM City, according to Tuyen.

The Vietnamese delegation had provided the company with useful information about the Saigon Silicon City project in the Sai Gon Hi-Tech Park, the executive said.

Other businesses too promised to visit and invest in HCM City. They included Allied Telesis and its partners like Quantus Corporation, which plan to work on a $300-400 million life sciences project to build a research institute, a commercial and service hub and a hospital in HCM City.

Greenvity said it is considering setting up a plant at the Quang Trung Software Park to make chip-applied equipment for smart homes for the Southeast Asian market.

Visiting a company called Vigilant Solutions, Tuyen sought its assistance to develop an IT project to raise awareness in HCM City of the need to obey traffic laws.

The delegation introduced semi-conductors and integrated circuits made at the Sai Gon Hi-Tech Park at an expo held in San Francisco.

The expo attracted more than 700 companies from around the world producing semi-conductors, electricity, electronics products and new materials.