HCMC seeks investors in wide variety of projects

10:50 | 20/11/2017 Economy

(VEN) - Ho Chi Minh City (HCMC) is calling for investment in 133 projects, including 11 national ones, six in the Thu Thiem New Urban Area, and 116 other projects needing private investments.

hcmc seeks investors in wide variety of projects
Ho Chi Minh City’s metro projects are attracting the interest of many foreign investors

The city’s priorities

Tran Vinh Tuyen, Deputy Chairman of the HCMC People’s Committee, said the city economy has grown 9.6 percent yearly, 1.66 times the country’s average, and attracted 2,404 foreign direct investment (FDI) projects totaling US$10.36 billion in capital.

In 2013, the government approved a master plan to promote HCMC’s rapid, sustainable development into a modern and civilized urban area and a major economic, financial, trade and scientific and technological center in South East Asia.

HCMC has attracted investment in a wide variety of fields: finance, banking and insurance; tourism; transportation, port and warehousing; post, telecommunications, information and communications; trade in real estate assets; consulting; science and technology; health; education and training, engineering; electronics and information technology; chemicals, plastics and rubber industries.

The city is also developing urban agriculture and implementing seven breakthrough programs to improve the quality of economic growth and human resources, promote administrative reform, minimize traffic jams, and stimulate urban development.

From transport to education

HCMC is calling for investment in 133 projects, including 11 national projects, six projects in the Thu Thiem New Urban Area, and 116 projects needing private investments. The 116 projects include 64 transport infrastructure projects, five urban infrastructure projects, seven flood control projects, three agricultural ones, one industrial project, four trade and service projects, 21 urban and housing development projects, six education projects, one healthcare and four culture and sport projects. The 11 national projects include nine transport infrastructure projects, one education and training project, and one healthcare project. Thu Thiem New Urban Area projects include one hotel and guesthouse project, four international standard school projects, and one theater project.

Le Nguyen Minh Quang, head of the Ho Chi Minh City Management Authority for Urban Railways (MAUR), said the city has targeted to complete metro route 1 by 2020, metro route 2’s first phase and metro route 5’s first phase by 2024. The Hong Kong Trade Development Council (HKTDC) is interested in one of the city’s metro lines. Metro route 4 project has attracted the interest of Korean and Russian investors.

Tran Vinh Tuyen, Deputy Chairman of the city People’s Committee, said the city intends to relocate polluting industrial enterprises and focus on developing modern and environmentally friendly industries.

Ho Chi Minh City will create the most favorable conditions for domestic and foreign investors to develop and participate in the city’s investment projects, City People’s Committee Deputy Chairman, Tran Vinh Tuyen said.

Ngoc Thao