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(VEN) - From beginning of the year to March 15th, 68 foreign direct investment (FDI) projects with registered capital of US$378 million and legal capital worth US$61.6 million were approved in Ho Chi Minh City.
Ho Chi Minh City hopes to attract US$8.4 billion in FDI this year.
Among these 68 FDI projects, nine projects worth US$11.6 million were invested in industrial sectors, 16 projects worth US$16 million were invested in commerce, 10 projects worth US$6.5 million were involved with construction, two projects worth US$20.5 million were working with transport and telecommunication, and 28 projects worth US$315.5 million were invested in real estate and consultancy. Money has been pouring into Ho Chi Minh City from investors from 18 countries and territories composing nine Korean projects capitalized at US$122.7 million, nine Singaporean projects at US$27.3 million, eight Japanese projects at US$5.5 million, eight Hong Kong projects at US$2.6 million, five Taiwanese projects at US$18.4 million, six British projects at US$89.6 million, one Slovak project at US$100 million…
In addition, 14 projects are aiming to raise US$22 million in capital. Hence, by March 15, there were 3,604 projects worth nearly US$27.8 billion running, accounting for 365 projects worth about US$1.4 billion more than the same period in 2009.
To enhance investment quality, the city is focusing on attracting FDI in value added industries including mechanics, automation, bio-technology, information technology and new materials. The Sai Gon High-tech Park (SHTP) focuses on high-tech production (microchips, information technology and communication), research and development (R&D) and high-tech services. In addition, an expert's accommodation project will be carried out by SHTP in 2010. Besides the SHTP, other industrial parks are creating favorable conditions to attract investments, especially investment in value added fields.
Nguyen Trung Tin, Vice Chairman of Ho Chi Minh City People's Committee said that to facilitate investment, the city is improving its ground clearance capacity at industrial zone such as Tay Bac Industrial Zone, Thu Thiem Industrial Zone, and Hiep Phuoc Industrial Zone. A number of projects that will be ratified soon include the Tay Bac Cu Chi Urban Zone that will be managed by the Capital Group Companies and capitalized with US$2 billion and a project by the Lotte Korean Corporation capitalized at US$2 billion. With an increasing flow of investments, Ho Chi Minh City is confident that it will reach its target of US$8.4 billion in FDI.
In order to reach this target, the city is implementing several solutions including inviting bids for five essential land zones in district 1 and enhancing foreign investment promotion programs to attract investors from countries with strong financial and technological resources and multinational corporations.
In the coming time, both direct and indirect investments will play a very important role in the city's socio-economical development. The city will continue to pursue high-tech and financial projects, and service-oriented and infrastructure projects, but absolutely refuses to invest in projects that harm the environment. Administrative renovation and improving human resources and transport infrastructure are the city's primary priorities./.
By My An
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