Ho Chi Minh City solicits foreign investment for 245 projects

Around 245 projects are open for foreign investment in Ho Chi Minh City in 2019

The information was stressed at a meeting between the leaders of the city and foreign-invested enterprises (FIEs) during last weekend. The event saw the participation of 25 business associations and foreign organisations, along with 200 foreign FIEs operating in Ho Chi Minh City.

The city is calling for experienced foreign companies to implement key projects in 2015-2020 and contribute to the development of the city.

Politburo member and Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan said that the foreign enterprise community has become stronger and one of the driving forces of the city’s economy. $1.55 billion had been poured into Ho Chi Minh City in the first three months of 2019, up 20.4 per cent from the same period last year.

“All capital invested in the economy not only brings about benefits to enterprises and investors, but also shows enterprises’ support for the municipal administration’s reform efforts to build a facilitative administrative system for the development of Ho Chi Minh City,” the secretary noted.

Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong noted that Ho Chi Minh City always considers FDI an important part of the local economy and place value on promoting the long-term development of this investment channel. According to the official, the city is now home to more than 8,000 FDI projects with the total registered capital of nearly $445 billion.

With an average $20 billion of export revenue each year, FIEs account for 58.7 per cent of the city’s total export value. The sector employs 670,000 workers and creates indirect employment for millions of others.

Phong affirmed that the city will continue its efforts to create a favourable and competitive investment environment in accordance with international standards and commitments in new-generation free trade agreements to which Vietnam is a member. The city’s administration will always listen to investors and work closely with them for the city’s sustainable development and investors’ success, he said.