Vietnam News Network

 

 

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 year.

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.