HCM City (VNA) – With the aim of attracting more investment for much-needed infrastructure, Ho Chi Minh City is touting its efforts to become adigital- and knowledge-based economy with a highly skilled workforce.

The city is currently seeking more than 53 billion USD in investment for 210projects in transport infrastructure, education, healthcare, tourism, trade andservices, and sport and tourism.

Speaking at a conference on investment promotion in HCM City on May 8, NguyenThien Nhan, Secretary of the municipal Party Committee, said the city over thenext 15 years will be at a competitive advantage because of the high number ofpeople of working age.

HCM City is considered not only a gateway to the ASEAN market of more than 500million people, but also a vibrant, multicultural city, according to him.

The southern hub aims this year to maintain its revenue contribution of nearly30 percent to the country, and increase its GDP contribution from 23 to 25 percentand GRDP from 8.3 to 8.5 percent.

To achieve the goals, Nhan urged the city to continue to ensure that enoughland is available to attract investment.

The city will build new industrial zones which will cater to enterprises usinghigh technology.

Besides, it will promote investment in projects for public infrastructure, andthose that will transfer new technologies and build R&D centres.

“The city will continue to select investors through transparent publicbidding,” Nhan said.

To maintain sustainable growth and raise living standards, the city is alsocalling for investment in smart city development.

The city targets by 2020 having at least 500,000 competitive and sustainableenterprises.

Nguyen Thanh Phong, Chairman of the municipal People’s Committee, said a goodinvestment environment will include not only preferential and incentivepolicies but also the timely support of the government.

The city will regularly organise dialogues with local and foreign businesses toresolve their issues, he added.

Speaking at the meeting, Le Thi Huynh Mai, Director of the city’s Department ofPlanning and Investment, described four ways to select investors for land-useprojects: delivery of land via collection of land-use fees, lease of land afterauction of land-use rights, land use through bids, and public-privatepartnerships.

Nguyen Thi Nga, Chairwoman of the Board of Directors of BRG Group, said thecity has developed an online urban planning application where investors canfind information about projects that are seeking investors.

Linson Lim, President of Keppel Land Group, said the city should continue tosupport foreign businesses by offering transparent policies and approvalprocesses.

Such improvements will allow businesses to make investment decisions withgreater confidence, have more efficient operations and make more practicalcontributions to the city’s development, he said.

High-quality human resources are the key to attracting foreign investors. HCMCity has a young, industrious and well-trained workforce, he added.

To grasp the opportunities ahead, Lim said he hoped the city will continue toinvest in local human resources.

Le Hoang Chau, Chairman of the HCM City Real Estate Association, said in thelast 10 years the real estate market size had doubled but still had not metdemand.

Of the city’s 210 projects calling for investment, the real estate associationand related businesses are interested in urban transport infrastructure, urbanembellishment, and trade and services projects, he said.

According to Chau, the most critical issue is site clearance.

The association praised the city’s People’s Committee for shortening the landclearance time to 100 days to allocate land to investors in a timely manner.

HCM City leads the country in GDP growth rate, contributing about 22 percent ofnational GDP, one-third of total industrial output, one-third of total budgetrevenue and one-fourth of total export turnover to the country annually.

As of the end of last year, more than 100 countries and territories hadinvested in HCM City with 8,112 projects.

Last year, FDI in the city reached 7.07 billion USD, up more than 7 percent comparedto 2017, accounting for 22 percent of the country’s total FDI. – VNA