HCM City calls for E.U. investment in nearly 200 projects

Dao Minh Chanh, Deputy Director of the municipal Department of Planning and Investment, said E.U. countries are investing in 2,724 projects in HCM City, mostly in the fields of manufacturing and processing, retail and wholesale, motor and automobile repair and maintenance, and information and communications. Worth a total of 7.69 billion USD, they account for 10.27% of FDI in the city, he said.

HCM City has constantly improved its business climate and adopted various incentives to encourage more FDI, he said, adding that most notably among the incentives include reductions in corporate income tax, import-export duties and land lease.

Vo Van Hoan, Vice Chairman of the municipal People's Committee, highlighted the importance of the E.U.-Vietnam Free Trade Agreement (EVFTA) which has entered into force, saying it has brought great and balanced benefits to both sides and there is a huge opportunity for Vietnam and the E.U. to step up bilateral economic cooperation.

With the E.U.'s technical and financial support, many projects in urban transport, agriculture, climate change mitigation and others have been implemented in HCM City, contributing to the development of the city and Vietnam at large, Hoan noted.

Philipp Rosler, head of the E.U. business delegation, spoke highly of Vietnam's robust growth, noting that there has been a huge volume of search for information and opportunities in trade and investment in Vietnam from European enterprises.

E.U. firms are particularly interested in production, R&D and innovation projects in HCM City, which will not only help the two sides make the most of the EVFTA but also give E.U. companies access to other major markets in Southeast Asia and Asia, he added.

Source: VNA