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City approves five new FDI projects worth $220m

Update: June, 24/2014 - 09:07
The ceremony to issue the investment licenses to five foreign-invested projects on Saturday, in HCM City. — Photo Vietnam+

HCM CITY  (VNS) — HCM City has granted investment licences to five foreign-invested projects, with a total capital of US$220 million.

The newly registered and additional investment came from businesses in Japan, Germany and Hong Kong (China).

At a ceremony to issue the licenses on Saturday, Chairman of the Municipal People's Committee Le Hoang Quan noted that this investment is an indication of the confidence foreign investors have in the city's investment climate as well as their commitment to conducting long-term business here.

In the coming period, the city will continue adopting measures to ensure transparency in administrative procedures and security for investors, while providing further assistance through the availability of an adequate infrastructure and human resource training, he added.

Hans-Dieter Stell, German Consul General in HCM City, remarked that in running a business in the city and in Viet Nam, in general, German investors wished not only to earn profits but also to enhance all exchanges between the two countries and their people.

Sharing experience and cooperating on sustainable development are vital elements of the Viet Nam-Germany strategic partnership, he stressed.

Takashi Sakakibara, Deputy General Director of the Japan-based Nikken Incorporation, which is one of the five investors issued a licence on the occasion, said his company currently invests only $711,000 in HCM City, noting that this investment is expected to increase in the next two years, directed mainly towards mechanics, machinery manufacturing, and automobile components.

He also lauded the investment climate in the city, with its abundant labour force and favourable investment policies.

Since the beginning of this year, HCM City has provided investment permits for 169 new foreign-invested projects with total registered capital of $967 million, according to the municipal Department of Planning and Investment.

Besides this, some $110 million has been added to 53 operational projects, bringing the total foreign investment inflow into the city in the reviewed period to nearly $1.08 billion, doubling the figure from the same period last year. — VNS

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