HCM City calls for EU investment in nearly 200 projects

Ho Chi Minh City is calling for investment into 197 projects in ten key areas, including infrastructure development, agriculture, industry, trade and services, healthcare, tourism, education and housing, an official told the Vietnam – Europe Business Forum in the southern largest economic hub on June 30.
HCM City calls for EU investment in nearly 200 projects
The Vietnam – Europe Business Forum takes place in Ho Chi Minh City on June 30. (Photo: VNA)

Dao Minh Chanh, Deputy Director of the Municipal Department of Planning and Investment, said EU countries are investing in 2,724 projects in Ho Chi Minh City, mostly in the fields of manufacturing and processing, retail and wholesale, motor and automobile repair and maintenance, and information and communications. Worth a total of 7.69 billion USD, they account for 10.27% of FDI in the city, he said.

Ho Chi Minh City has constantly improved its business climate and adopted various incentives to encourage more FDI, he said, adding that most notably among the incentives include reductions in corporate income tax, import-export duties and land leases.

Vo Van Hoan, Vice Chairman of the Municipal People’s Committee, highlighted the importance of the EU-Vietnam Free Trade Agreement (EVFTA) which has entered into force, saying it has brought great and balanced benefits to both sides and there is a huge opportunity for Vietnam and the EU to step up bilateral economic cooperation.

With the EU’s technical and financial support, many projects in urban transport, agriculture, climate change mitigation and others have been implemented in HCM City, contributing to the development of the city and Vietnam at large, Hoan noted.

Philipp Rosler, Head of the EU business delegation, spoke highly of Vietnam’s robust growth, noting that there has been a huge volume of search for information and opportunities in trade and investment in Vietnam from European enterprises.

EU firms are particularly interested in production, R&D and innovation projects in HCM City, which will not only help the two sides make the most of the EVFTA but also give EU companies access to other major markets in Southeast Asia and Asia, he added.

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(Source: VNA)