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Ho Chi Minh City Committed to Improving Investment Environment - Vietnam Briefing News

May 18 – Nguyen Trung Tin, the Vice Chairman of the Municipal People’s Committee of Ho Chi Minh City, has pledged to create more favorable conditions for investors to develop their business in Vietnam’s biggest city.

Speaking at a seminar held on April 26 in the city titled “Evaluation and Solutions to Improve HCMC’s Investment Environment 2011,” Tin also highly valued domestic and oversea investors’ contributions to the city’s socio-economic development. He also affirmed the stable investment environment of the city and he believed HCMC is an attractive and reliable destination for investors.

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In respond to the questions of several seminar attendees – including the delegates from domestic and foreign enterprises, businesses association and the American Chamber of Commerce – representatives from municipal departments and agencies proposed several measures to ameliorate the country’s investment environment. One of the measures was to deal with cumbersome administrative procedures, inadequate infrastructure, and weak human resources, which are barriers to foreign businesses that want to invest in the city.

More specifically, the city is urgently trying to complete land planning projects and is continuing to further improve the city planning and technical infrastructure, and take advantage of resources for investment in infrastructure development. On the other hand, the authorities are currently going to great efforts to strengthen inspection on the issuance of certificate investment, to simplify and make public the administrative process and procedures for investment as well as implement a “one door” policy in addressing investment procedures, and to ensure strict implementation of laws.

In the next stage, the city will call for priority investment in areas such as the following service sectors: finance, credit, banking, and insurance; commercial; transportation and port services, maritime logistics and imports, exports; post-telecommunication and information, communication technology; business on assets, real estate; consultancy services on science, technology information; tourism; healthcare; education and training.

The four industries with high value of scientific technology and high added value together with investment in infrastructure in order to creating a breakthrough in infrastructure systems are also paid attention to. In agriculture, the city focuses on developing research and application of biotechnology to produce high quality seeds.

Since the beginning of this year until April 19, 2011, about US$1.33 billion has been invested in the city, 2.5 times higher than the same period last year.

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