HCM City moves to lure foreign investment to industrial parks
Ho Chi Minh City is trying to bring a breath of fresh air to local industrial parks (IPs) and export processing zones (EPZs) with a view to attracting more foreign investment.
HCM City is working to lure more foreign investment in IPs and EPZs. (Photo: VNA)
HCM City (VNA) – Ho Chi Minh City is trying to bring a breath of fresh air to local industrial parks (IPs) and export processing zones (EPZs) with aview to attracting more foreign investment.
Under a project to develop the IPs and EPZs during the 2023-2030 period with a vision to 2045, the southerneconomic hub will pilot the conversion of five EPZs namely Cat Lai, Tan Binh, HiepPhuoc, Binh Chieu and Tan Thuan whose land lease contracts will expire in about20 years into eco-industrial and high-tech zones.
It aims at gradually weeding out the industrial system of labour-intensive factoriesand those using outdated technologies, while luring projects with advanced technologies.
The city is now home to 17 IPs and two EPZs, spanning over a total area of morethan 5,000 hectares. It hosts nearly 1,700 valid projects with total registeredcapital of 12.41 billion USD, 55% of which was injected by foreign firms.
Last year, the influx of foreign capital rose 12.47% year-on-year to 221.11million USD, while domestic investment topped 18.5 trillion VND (788.5 millionUSD).
Boasting advantages in terms of geographic location, high-quality human resources andlarge market, Ho Chi Minh City has huge potential to attract more investment into its IPs and EPZs.
However, the city should work to remove bottlenecks in the granting of land usecertificates and construction licences during the conversion process.
According to Chairman of the Ho Chi Minh City Business Association Nguyen NgocHoa, although several firms at the Hiep Phuoc IP paid land lease fee for 50 years, theyhave not received land use right certificates yet and have not been able torequest for construction licences to expand production.
Head of the HCM City Exporting Processing and Industrial Zones Authority(HEPZA) Hua Quoc Hung said that the authority will give consultancy toinvestors, helping them seek opportunities to expand their projects.
Besides, the city will promote the “one-door” mechanism, ensuring that the authoritycould swiftly handle procedures in several areas including project examinationand granting, adjustment and revoke of environmental licences./.
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HCM City is working to lure more foreign investment in IPs and EPZs. (Photo: VNA) 
