Ho Chi Minh City, attractive investment destination for Europe: forum

HO CHI MINH CITY (Vietnam News/Asia News Network): HCM City offers many investment and business opportunities for European companies, a Vietnam-Europe business forum announced on Thursday (June 30th).

The event organized by the Ho Chi Minh City Investment and Trade Promotion Center learned that the city is seeking investment in 197 projects in a number of areas such as traffic infrastructure, agriculture, housing and Healthcare.

They include the $761 million elevated road No. 1 between Tân Sơn Nhất Airport and the city center and the $255 million Northern Saigon 2 sewage treatment plant in Thủ Đức city.

Last year, the city had 1,044 projects set up by EU companies out of the 2,263 they had in Vietnam with investments totaling $6.45 billion, or 12.18% of the total City IDE.

Võ Văn Hoan, vice-president of the city’s people’s committee, said: “Thanks to the help of the EU in the form of expertise, technology and financing, many projects in urban infrastructure, agriculture and the fight against climate change have been launched”.

Đào Minh Chánh, deputy director of the Planning and Investment Department, said the city has good road, rail, river and air connections with countries around the world, and more infrastructure projects are in the pipeline. Classes.

The multicultural city of HCM is also a good place for foreigners to visit, work and live, he said.

“HCM City prioritizes attracting foreign companies with technological and financial capabilities using renewable energy.”

The city has made efforts to strengthen its investment climate by speeding up administrative procedures and improving its competitiveness with the rest of the country.

It offers many incentives to investors exemption and reduction of income tax and import-export tax and land rents.

For example, a 10% income tax exemption or reduction for 30 years is offered to companies that produce globally competitive goods and whose annual revenues exceed 20 trillion VNĐ (858 million dollars).

Companies can also benefit from these incentives if they regularly employ more than 6,000 workers.

Professional opportunities

Vietnam focuses on global integration and has signed numerous free trade agreements, including one with the EU that facilitates exports between the two sides.

“EU exporters who sell machinery, consumer goods and temperate climate foods to Việt Nam can benefit greatly,” Hoan said.

At the forum, city officials briefed the EU delegation on start-up development strategies, the IT skills landscape and other topics relevant to them.

Marc Maurer, co-CEO of Swiss sportswear maker On, told Vietnam News that his company has been investing in Vietnam for 12 years because of its manufacturing capacity and infrastructure.

It was relatively easy for the company to invest in Vietnam and it received strong support from local governments, he said.

Prince Donatus zu Schaumburg-Lippe, founding member of 3.O Labs and member of the EU trade delegation, said his company is focused on blockchain technologies and is looking for promising investment opportunities In Vietnam.

HCM City is the country’s largest high-tech manufacturing and service center with 17 industrial parks and two processing zones.

Mary I. Bruner