The master plan of the Tay Bac urban area (Source: //www.bqltaybac.hochiminhcity.gov.vn)
Kuala Lumpur (VNA) – An investmentpromotion event was held in Kuala Lumpur on November 22 to call for investmentin Tay Bac urban area in Ho Chi Minh City.
Dinh Khac Huy, head of the project’s Management Boardintroduced the major features of the area to Malaysian firms and its plan tobecome a modern satellite urban area with full living, working andentertainment facilities.
Covering about 9,000 hectares spanning Cu Chi and HocMon districts of Ho Chi Minh City, the area is designed for 450 residents.Currently, it needs investment in technical and social infrastructure, andhousing development.
Huy said that by 2020, the city needs billions of USDto improve its infrastructure, a challenge for the city as the budget will onlymeet about 20 percent of the figure.
He called for investors to engage in infrastructureand housing projects in both Tay Bac urban area and Ho Chi Minh City ingeneral.
He also vowed to create the best conditions for Malaysianfirms to seek opportunities in the city, while calling for ideas from Malaysianbusinesses in building Tay Bac urban area.
Meanwhile, Vietnamese Ambassador to Malaysia Le QuyQuynh noted that Vietnam and Malaysia have enjoyed rapid growth of economic,trade and investment cooperation with two-way trade exceeding 10 billion USD in2016. Malaysia is one of the leading foreign investors of Vietnam with many bigfirms operating in the country.
The diplomat said that the booming development of the realestate sector in Vietnam has opened up new opportunities for both domestic andforeign investors.
Ambassador Quynh pledged that the Vietnamese Embassywill back trade and investment activities of Vietnamese and Malaysian investorsin each country.
Rusiah Mohamed from the Malaysia External TradeDevelopment Corporation (MATRADE) lauded Vietnam’s efforts to promoteinvestment in Malaysia, offering a good chance for local firms to accessinformation to serve their business plans.
MATRADE will work closely with and support Vietnameseside to encourage Malaysian investment in not only real estate but other fieldsin Vietnam, she said.
At the event, Ho Chi Minh City authorities alsoanswered questions from Malaysian firms.-VNA
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The master plan of the Tay Bac urban area (Source: //www.bqltaybac.hochiminhcity.gov.vn) 
