HCM City Opens Investment Fair 2005

Ho Chi Minh City opened its first-ever investment promotion fair on November 8 with an aim to seek foreign investors for 132 major infrastructure, real estate, hi-tech, and service sector projects.

 

Some 300 foreign investors attended the two-day fair to study needy projects including a US$240 million subway and a new urban town covering 90ha in Thu Thiem Peninsula.

 

At the fair, leading UK financial and business adviser Grant Thornton signed an agreement with IUS Co. - the owner of the US$42-million underground parking lot under Le Van Tam Park in District 1. Accordingly, the UK company will work out a feasibility study and seek capital sources for the project.

 

At the fair, Ho Chi Minh City mayor Le Thanh Hai pledged special incentives for the investment projects. He assured investors that they would get licenses through the “one-stop” procedures quickly and be given support in carrying out their projects.

 

On the occasion, foreign businesses called upon the city to speed up improving public transport and communications infrastructure as well as simplifying customs and tax formalities.

 

In the first ten months of this year, the city granted licenses to 233 foreign-invested projects worth US$317 million in all and allowed 11 operational foreign projects to add US$305 million to their budgets.

 

In general, there are 1,800 foreign-invested projects with combined investment capital of US$12 billion in the city.