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
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.