HCMC on track with more investor-friendly policies

09:20 | 24/06/2019 Economy

(VEN) - Ho Chi Minh City continues to devise open policies and make strong commitments to promote investment attraction further.

hcmc on track with more investor friendly policies
Ho Chi Minh City People’s Committee Chairman Nguyen Thanh Phong meets investors

Some major domestic and foreign investors have expressed interest in investment in Ho Chi Minh City. Harold Chen, deputy chairman of the Alpha King, said the Build Your Dream Co., Ltd., (BYD) is Alpha King’s partner in Vietnam, which has so far invested US$800 million in the five-year research and development project of the BYD Sky Rail and contracted over 1,000 engineers to work on developing a monorail system.

Harold Chen said the project is designed to address traffic congestion at a lower cost with shorter construction time compared to aerial railways and subways, contributing to turning Ho Chi Minh City into a modern Southeast Asian metropolis.

Linson Lim, chairman of the Keppel Land, expressed his firm belief in a long-term growth outlook for Vietnam in general and Ho Chi Minh City in particular, although the current global economic slowdown may impact Vietnam’s economic growth. He said Ho Chi Minh City has been supporting investors and creating favorable business conditions with its policies and clearer project approval process. These improvements will boost investor confidence in making investment decisions, and contribute to the development of Ho Chi Minh City.

In 2019, Ho Chi Minh City seeks to maintain its contribution rate of 27-28 percent to the state budget and an annualized GRDP growth rate of 8.3-8.5 percent.

Nguyen Thanh Phong, chairman of the Ho Chi Minh City People’s Committee, said that to achieve these goals, the city will continue to increase its land fund for industry, adding 1,000ha to planning for industrial zones.

In addition, the city will take into account the construction of new high quality industrial zones suitable for high-tech enterprises and those applying new technologies, and give priority to technology transfer projects for local companies, investing in research and development, and promoting technical infrastructure development.

The city will renew mechanisms to promote innovation and use resources in a more effective way. The selection of investors for the implementation of projects will be carried out mainly by public and transparent bidding.

BRG Group Chairwoman Nguyen Thi Nga said the application of information sharing technologies with investors is a

positive step in reforming administrative procedures and making information transparent, which raise investor

confidence in making decisions.

Ngoc Thao