HCM City discusses socio-economic cooperation with US firms

The Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) and the American Chamber of Commerce (AmCham) in Vietnam held a workshop on April 25 to acquire businesses’ feedback on socio-economic cooperation.
HCM City discusses socio-economic cooperation with US firms. Chairman of the municipal People’s Committee Phan Van Mai meet US firms. (Source: Saigongiaphong)
HCM City discusses socio-economic cooperation with US firms. Chairman of the municipal People’s Committee Phan Van Mai meets representatives US firms. (Source: Saigongiaphong)

Speaking at the event, Chairman of the municipal People’s Committee Phan Van Mai said the city is collecting opinions from local businesses, associations and economists on a scheme to improve the efficiency of its foreign direct investment attraction for the 2023-2025 period with a vision to 2030. It aims to build the city into a modern service-industry and industrial hub, a front-liner in digital economy and society; an economic, financial, commercial, scientific-technological, and cultural centre in Southeast Asia.

Mai hoped that the US firms would share information with the city in the fields of capital market and financial services, digital economy and technology, manufacturing, supply chains and logistics, energy, health care and education to further improve its business environment and propel economic growth.

The municipal authorities will specify the responsibilities of relevant agencies for dealing with difficulties faced by businesses, especially foreign enterprises, he said, adding that the city is committed to creating a stable business environment, protecting the legitimate rights and interests of investors, and offering all possible support to US enterprises to do business stably, sustainably and effectively there.

AmCham Chairman Gregory Testerman, for his part, said Ho Chi Minh City has overcome the most difficult period of the COVID-19 pandemic, creating trust among the business community about the prospect of stable growth in the next 3-5 years. However, challenges ahead remain due to the impacts of economic recession trend in the US, North America, and Europe.

According to the official, the US business community is interested in Ho Chi Minh City's plan to attract investment in modern technology and innovation in Thu Duc city, as well as a project on building a financial centre of the region and the world. They hoped that the city will open up more opportunities for foreign investors to join in the financial market, thereby making more positive contributions to sustainable growth.

AmCham also suggested the city continue improving visa application process for entrepreneurs and investors to not miss out on opportunities to attract foreign resources.

US Consul General in Ho Chi Minh City Susan Burns said AmCham in Vietnam is constantly growing with more than 2,000 members investing billions of USD in the city at present.

In the face of recession and conflict-related challenges, the city needs strong reform in all aspects to seize opportunities from the global investment shifting trend, thereby pushing its effective economic recovery and development, she said.

Vietnam, Lao, Thai localities to foster cooperation along economic corridor
Vietnam, Algeria want to elevate economic cooperation: Ambassador
HCM City, China’s Guangxi boost trade cooperation: Investment & Trade Promotion Centre
Vietnam looks to step up economic cooperation with Italian region
Ambassador Nguyen Quoc Dung: Economic diplomacy should create more frameworks for Vietnam-US cooperation
(Source: VNA)