Ho Chi Minh City calls for investment capital worth US$54 billion
The city would include an addition of 1,000 hectares into planning for industrial parks, targets to maintain the contribution rate of 27 – 28% to the state budget and GRDP growth rate of 8.3 – 8.5%.
Ho Chi Minh City has invited investors to join 210 projects with total capital of VND1,200 trillion (US$53.8 billion), local media reported.
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The proposal was made at Ho Chi Minh City’s investment conference held on May 8.
Among those, the four fields that have the largest needs of capital include transport with 85 projects worth US$41.9 billion, infrastructure with 36 projects for US$4.9 billion, urban development with 29 projects for US$2.1 billion, and culture – sport with 15 projects worth US$3.1 billion.
Nguyen Thien Nhan, secretary of the city’s Party Committee, said the city would include an addition of 1,000 hectares into planning for industrial parks, targets to maintain the contribution rate of 27 – 28% to the state budget and annualized GRDP growth rate of 8.3 – 8.5%.
Additionally, Nhan added Ho Chi Minh City would give priority to projects using new technologies, transferring technologies to local companies, investing in R&D and technical infrastructure development.
To become a smart city, Ho Chi Minh City is in the process of developing four centers, including a shared database and open data ecosystem, socio economic forecast and stimulation, smart urban management and information safety.
Nhan said the city is committed to initiating dialogue with enterprises and citizens in a yearly basis, and acknowledges inadequate transport infrastructure being a major issue for economic development.
According to Nhan, Ho Chi Minh City serves as a gateway for multinationals to get access to the Southeast Asian market with dynamic and diversified socio-economic environment.
As of the end of 2018, the city had 8,112 projects invested by 101 countries and territories, while the total registered capital reached US$44.94 billion.
In 2018, total FDI commitments to Ho Chi Minh City reached US$7.07 billion, up 7% year-on-year and accounting for 22% of total investment in the country. The city came second nationwide with US$2.37 billion or 16.3% of the total investment in the first four months of 2019, behind Hanoi with US$4.47 billion, which accounted for 30.6% of the total.
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