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  Foreign Investment

HCM City to promote trade investment, tourism with EU

The HCM City People's Committee is sending three delegations in November to Germany, France, Britain and Spain to promote trade, investment and tourism, said the city Department of Planning and Investment.

The delegations will advertise HCM City's incentives to foreign investors to popularise its investment climate, and inform the countries about the city's production costs and labour force, which are common concerns for EU investors.

The department said the city encourages foreigners to invest in the city's mechanics, electronics, textiles, garments, footwear, rubber, services, trade, food processing, and plastic industries and its infrastructure development.

Since April, with online licensing for projects under US$5mil and licensing in two days, the investment climate has significantly picked up.

To raise exports, the municipal People's Committee will organise delegations to participate in a fair for seafood and processed food in Paris and the EU's Rungis Wholesale Fair in France, the department reported.

During the trips, participants are to establish business ties and seek partners to boost the city's agri-products and seafood exports.

In the first seven months of the year, the city licensed 115 projects, 21 higher than the same period last year, with total worth of $90.1mil, the department's statistics reported.

Britain is currently at the top of the list of EU investors in Vietnam, representing 187 projects that are worth more than $1.1bil. France registered 139 projects, Germany 51 and Spain two.

The EU is currently Vietnam's largest export market, accounting for roughly 20% of the country's total exports.

Vietnam News - (20/08/2004)

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