TPP to promote US investment in HCMC

08:43 | 07/04/2016 Economy

(VEN) - Addressing a meeting between Ho Chi Minh City leaders, the Consulate General of the US in Ho Chi Minh City and the American Chamber of Commerce in Vietnam (AmCham), the two sides affirmed that the US was becoming one of the city’s key economic partners.

TPP to promote US investment in HCMC

A new investment wave is expected to pour into Ho Chi Minh City

According to Ho Chi Minh City People’s Committee Deputy Chairman Le Thanh Liem, as one of the Trans-Pacific Partnership (TPP) members, the agreement would provide big opportunities for Vietnam in particular in terms of economic growth, trade development and investment attraction. A new investment wave from the US is expected to pour into the city thanks to the TPP. Liem also said that AmCham and the US business community have made huge contributions to the city’s socioeconomic development.

The city has always provided support and overcome difficulties for businesses, while continuously promoting administrative reforms, improving investment environment and creating favorable conditions for foreign businesses.

According to the Ho Chi Minh City Department of Planning and Investment, the city attracted 26 projects with total capital of US$135.4 million from US businesses in 2015. In the first two months of this year, US businesses invested additional four projects with total amount of US$1.56 million.

To promote investment attraction, the city has implemented a series of solutions such as strengthening administrative reforms, booking services via the 1080 switchboard to resolve procedures, supporting foreign investors to draft documents in business registration points, conducting online services and sending results by post. The city is calling for investment for nine groups of services and four key industries including on traffic infrastructure, environmental pollution, and promoting urban development.

US Consul General in Ho Chi Minh City Rena Bitter said that the local government has created favorable conditions for US businesses in recent times. 2016 will be an important year for the US-Vietnam relationship, opening up opportunities for the two business communities. Therefore, the US is ready to provide support for Vietnam in the integration process. She also said that the TPP and free trade agreements have contributed to engaging the interests of US businesses.


Diem Phuong