Ho Chi Minh City Vows All Means To Lure Investors
You're the CEO of a MNC. On the one hand you have Thailand, on the other Vietnam. Wonder which option you would be going for...
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HO CHI MINH CITY VOWS ALL MEANS TO LURE INVESTORS
January 5, 2007 Friday
NATIONWIDE INTERNATIONAL NEWS
Ho Chi Minh City has pledged to issue policies and reform the business environment to encourage investment from global industries, thus boosting its economy in line with national commitments to the World Trade Organisation (WTO).
Vietnam will become an official WTO member this January and has a huge number of commitments to open its market, of which Ho Chi Minh City is the largest potential economic hub.
Authorities said they will continue issuing lists of projects in need of investment based on the demand for municipal socio-economic development, which is expected to grow fast in the years to come.
Efforts will be made to turn the city into a fully legal-governing administration, including stronger administrative reforms for transparent procedures but closer coordination of agencies responsible for granting investment licences.
All this work must comply with the Law of Enterprises and the Law of Investment to meet investors' time frames, municipal authorities comments.
The city administration will proceed with plans to develop industries and services as well as concrete requirements for investors eligible to major projects so as to save them time and energy.
How to boast a competent personnel in investment promotion is another major target for the city in the next four years. Plans to launch a series of training programmes in both foreign languages and professional skills as well as encourage domestic and international experts on public relations to work for the city in investment promotion are being discussed.
More delegations will be sent abroad to seek investment in a large range of projects, from healthcare to education, hi-tech industries and supportive industry.
The city will also work together with the Ministry of Planning and Investment to promote its projects in need of investment among investors, both at home and abroad.
All these strategic plans have been drawn from the city's experiences in the past six years, which have helped bring total foreign investment projects to 327, capitalised at US$2,089 million, in 2006 from 137 projects with a combined investment of $479 million in 2001.
The surge in its foreign direct investment (FDI) was partially attributed to investment from leading world industrial groups such as Intel, Nidec and CT & D.
The municipal People's Committee has set up its own website to inform policies to investors. The website includes a dialogue forum for enterprises to voice their problems and receive answers from responsible agencies.
The municipal Service of Planning and Investment has regularly upgraded information on legal documents in both Vietnamese and English on the website and replied to businesses through Internet.
In addition, all municipal industrial zones have set up their own websites to make their own presentations, including offers for investment and projects in need of investment.
What a joke LoS is rapidly becoming.
