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HCM City still leads in attracting FDI   2010-04-02 - Viet Nam News

HCM City, the nation's economic hub, also remains one of the country's leading regions in attracting foreign investment, according to the Foreign Investment Agency (FIA).



The Sai Gon Hi-tech Park is a promising

destination for foreign investment in HCM

City. The city targets to lure US$8.4 billion in

new foreign investment commitments this


The city licensed 85 new foreign-invested projects in the first quarter of this year, with a registered capital of over US$417 million, said the FIA. Meanwhile, 13 existing projects increased their level of registered investment by $30.5 million.

Cheap land and low labour costs were no longer the city's greatest advantages in terms of attracting foreign investment, said HCM City People's Committee Chairman Le Hoang Quan. He therefore vowed that the city would continue to hasten administrative reforms and make further investments in transportation infrastructure.

Improving the administrative capacity of local authorities and personnel in order to attract more investment was now the city's most important task, Quan said.

HCM City has targeted $8.4 billion in new foreign direct investment (FDI) commitments this year, as well as the disbursement of $1.43 billion worth of FDI, according to the city's Department of Planning and Investment.

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