01:21 (GMT +7) - Monday 19/08/2019

Vietnam Today

HCMC calls for investment in 210 projects

Released at: 10:09, 11/05/2019

HCMC calls for investment in 210 projects

Mr. Nguyen Thanh Phong speakìng at the event (Photo: Tieu Thuy)

Billions of dollars needed in host of sectors.

by Jessica Nguyen

Ho Chi Minh City has made a commitment to promoting administrative reform, improving the business and investment environment, and creating favorable conditions for enterprises to develop, the Ho Chi Minh City Conference on Investment Promotion on May 8 heard.

Local authorities invited investment in 210 projects with total capital demand of more than 1,100 trillion (over $53 billion), in the fields of traffic infrastructure, infrastructure, agriculture, trade and services, urban embellishment, education, healthcare, and tourism and entertainment, among others.

The four sectors with the largest number of projects are traffic infrastructure, infrastructure, urban embellishment, and culture and sport. Transportation infrastructure has 85 projects with a total investment capital need of VND923.6 trillion ($41.983 billion), including 55 bridge and road projects, seven waterway transport projects, eight urban railway projects, and 15 internal road projects. Meanwhile, in the infrastructure sector, there are 36 projects with a total investment capital demand of VND108 trillion ($4.91 billion), including four parking projects, while there are 28 urban infrastructure projects and four projects reducing flooding.

Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong said with its advantages and potential, the city has affirmed its standing as the country’s leader in business, conferencing, and startups.

On average there are more than 120 newly-established enterprises every day in the city. It is also the most attractive destination for foreign investment. As at the end of 2018, it had 8,112 investment projects from 101 countries and territories. Total newly-invested and additional capital was $44.94 billion. FDI attraction reached $7.07 billion, an increase of 7 per cent compared to 2017 and accounting for 22 per cent of Vietnam’s total.

Mr. Phong also acknowledged, however, that the city, while transforming into a megacity, will face challenges such as environmental pollution, flooding, and traffic jams, etc. “These are not only obstacles but also direct barriers to economic growth and competitiveness,” he said.

In the 2016-2020 period, in order to achieve GRDP growth from 8-8.5 per cent, the city needs to mobilize social investment capital of about $78 billion. Demand for construction investment is about $40 billion.

Sectors calling for investment:

  • Transportation infrastructure: 85 projects, total capital of $42 billion.
  • Infrastructure: 36 projects, total capital of $4.91 billion.
  • Urban embellishment: 29 projects, total capital of $2.1 billion.
  • Culture and sports: 15 projects, total capital of $3.1 billion.
  • Agriculture: two projects, total capital of $73 million.
  • Trade and services: nine projects, total capital of $745 million.
  • Education: 14 projects, total capital of $138 million.
  • Healthcare: six projects, total capital of $598 million.
  • Culture and sports: 15 projects, total capital of $3.1 billion.
  • Tourism - entertainment: 14 projects, total capital of $123 million.

User comment (0)

Send comment