HCMC to create environment for multinational corporations this year

Chairman of the HCMC People’s Committee Nguyen Thanh Phong yesterday asked the Department of Planning and Investment to create favorable environment for multinational corporations to the city in 2017.

HCMC People’s Committee chairman Nguyen Thanh Phong states at a meeting in HCMC recently (Photo: SGGP)

At a meeting on luring investors to the city, the chairman prompted the department  to clearly determine its responsibility of think-tank for the city People’s Committee about socioeconomic solutions to obtain the target of 8.4-8.7 percent GRDP (Gross Regional Domestic Product) this year.

 About investment structure, he said that the city would keep only 18 percent of budget revenue from now until 2021 so it needed to boost the effectiveness of budget use and study ways to diversify investment models.

Beside encouraging individual business households to grow into enterprises for the target of 50,000 enterprises this year and 500,000 by 2020, Mr. Phong required the agency to enlarge businesses, create favorable environment to attract multinational corporations, connect them with local firms to develop support industry, form strong and large private groups with modern technologies to improve competitiveness.

According to Mr. Phong, if the Public Private Partnership (PPP) model is well exploited, HCMC will be able to lure huge financial and human resources. So the department was requested to synthesize and estimate fields in need of PPP investment by the second quarter.

Thousands of businesses from 85 countries are investing in the city so he prompted the department to define priority fields in foreign direct investment attraction because this is an important resource for the city’s development. However projects polluting the environment must be rejected.

Referring to capital mobilization plan, the department will work with relevant agencies to review, classify and prioritize investment projects to submit to the city People’s Committee; coordinate with districts and agencies to update the demand of investment projects and priority projects under the city’s seven breakthrough programs and key works to call on investors.

In 2017, the city intends to implement 19 projects with the total capital of 9,577 billion (US$423 million) mobilized from the society such as Saigon Safari, Nguyen Van Linh-Nguyen Huu Tho intersection, the parallel road of Long Thanh-Dau Giay expressway, waterway transport in the Saigon River and speed up PPP projects.

By staff writers – Translated by Hai Mien

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