Chairman of Ho Chi Minh City People’s Committee Nguyen Thanh Phong has called on enterprises to invest in 210 projects worth over US$50 billion with the majority of projects in the transport area.
Speaking at the Conference on investment promotion into Ho Chi Minh City held on May 8, Phong emphasised that Ho Chi Minh City is one of the leading localities with high GDP growth rate, contributing approximately 22% to the national GDP each year. The city also contributes one third to the national industrial output, one third to the State budget revenue and one fourth to the nation’s export revenue.
As many as 101 countries and territories had invested in 8,112 projects in the city, with a total registered capital of US$44.94 billion by the end of 2018, which was an encouraging result amid enormous challenges facing the world economy, Phong said.
Chairman Phong affirmed that the city leaders appreciate the contributions of domestic and foreign investors and are committed to do their utmost to ensure a stable political and social environment, the legitimate rights of investors, and facilitate enterprises to operate in the city.
He noted that transport is a bottleneck to the municipal economic development, requiring investment in transport projects in the public-private partnership (PPP) model.
In addition, the city also needs investment in the areas ofinfrastructure, agriculture, commerce-services, education,health, and culture-sports.
Politburo member and Secretary of the municipal Party Committee Nguyen Thien Nhan said that the city will continue to increase the land areas for industrial production in order to attract more foreign direct investment.
In addition, the city will renew mechanisms to promote innovation and use resources in a more effective way, Nhan noted.