Want to be in the loop?
subscribe to
our notification
Business News
HCM CITY READIES LAND TO EXPAND INFRASTRUCTURE AT IPS AND EPZS, ATTRACT INVESTMENT
HCM City authorities promise to offer competitive land rentals and other incentives at industrial parks (IPs) and export processing zones (EPZs) besides improving the business environment and simplifying administrative procedures to attract investment.
The city has earmarked lands on which infrastructure can be built to serve investors in industrial parks, according to its People’s Committee.
Seventeen of the city’s planned 19 EPZs and IZs are operational with almost 1,800ha available to investors.
The city is speeding up investment in some new IPs like the 200ha Vĩnh Lộc 3 IP in Bình Chánh District, and plans to expand the Hiệp Phước Industrial Park by 392.89ha.
The city is expected to have 23 EPZs and IZs with a total of 5,797.62ha by the end of this year.
It has established a group chaired by Nguyễn Thành Phong, chairman of the People’s Committee, to reduce the investment licensing process by at least 50 per cent.
It is also committed to addressing all problems faced by businesses, who can communicate directly with the Department of Planning and Investment.
Đào Xuân Đức, deputy head of the HCM City Export Processing and Industrial Zones Authority (HEPZA), said the infrastructure at many of the city’s IPs and EPZs fell short of investors’ needs.
EPZs and IZs must invest in infrastructure to meet the investment needs of businesses, he said.
“It is also necessary to set up zones for supporting industries to regulate land lease prices and attract investors into sectors targeted by the city and the Government.”
Experts said the city should switch to newer models of IPs and EPZs to continue to attract investment, while ensuring it has appropriate incentives and policies during the transition process.
According to the General Statistics Office, the city attracted $1.6 billion worth of FDI in the first five months to rank third in the country behind only Bạc Liêu ($4 billion) and Bà Rịa-Vũng Tàu ($1.9 billion) provinces.
Việt Nam remains appealing to foreign investors who continue to invest, especially in the southern economic hub comprising HCM City, despite the pandemic.
The city expects to welcome a wave of investments post-pandemic when US, European and Japanese investors move their production lines to Việt Nam, experts have said.
Priority should be given to high-tech projects that could produce high-quality products, they said.
In 2019 the city had attracted $8.3 billion worth of foreign investment.
Before the outbreak the city had set itself a target of 8.5 per cent economic growth this year.
The city aims to have 44,000 new businesses that create 135,000 jobs this year.
Source: VNS
Related News
![Card image cap](/uploads/news/Eco2.jpg)
GOV’T UNVEILS ACTION PLAN TO ACCELERATE INDUSTRIALISATION
Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40 per cent to GDP. The manufacturing and processing sector is expected to account for around 30 per cent of GDP, with a strong emphasis on high-tech products aiming for over 45 per cent of the sector's value. To further drive the economy, the service sector is projected to contribute over 50 per cent to GDP, with tourism alone generating 14-15 per cent.
![Card image cap](/uploads/news/economic.jpg)
VIETNAM’S H1 ECONOMIC GROWTH QUITE IMPRESSIVE: ADB COUNTRY DIRECTOR
Country Director of the Asian Development Bank (ADB) for Vietnam Shantanu Chakraborty has expressed his impression of the Southeast Asian nation’s economic growth of 6.4 per cent in the first half of this year. The growth was mainly driven by strong trade recovery, where export grew by 14.5 per cent and import by 17 per cent over last year, he told the Vietnam News Agency. However, he said, the domestic segment remained sluggish.
![Card image cap](/uploads/news/Infrastructure13.jpg)
REAL ESTATE FIRMS AGGRESSIVELY RESTRUCTURING BOND DEBT
From the start of 2024 to July 5, the market saw 133 private placements and ten bond public offerings, totalling over VNĐ140 trillion. 65.6 per cent of this value was from the banking sector, while real estate bonds accounted for only 24.6 per cent, or over VNĐ34.5 trillion.
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.