Illustrative image (Source: VNA)
HCM City (VNA) – In the first two weeks of 2016 the HCM City Export Processing Zone Authority (HEPZA) has licensed two FDI projects with a combined registered capital of over 30 million USD.

They include a 25.6-million-USD joint venture between Saigon Co.op and Singapore's Wilmar International Limited to produce sauces for local consumption and exports to be set up at the Hiep Phuoc Industrial Park in Nha Be district.

A spokesman for the Singaporean partner said the plant would help exploit the strengths of the two partners, making their products more competitive and helping develop the country's sauces and spices industry.

The other is a project by Nippon Paper Viet Hoa My, a joint venture between Japanese and Vietnamese companies to be located at the Tan Phu Trung Industrial Park.

The 4.4-million-USD plant will manufacture high-quality paper cups, bowls, and trays for domestic consumption as well as export.

According to HEPZA, this year the hi-tech park targets total FDI of 700 million USD, with priority given to technology and supporting industries and four other major sectors — manufacturing, electronics – IT, chemicals – rubber – plastics, and food and foodstuff processing.

HEPZA said many textile and garment, electronics and supporting-industry companies based in HCM City industrial parks have plans to expand investment and production to take the opportunities arising from bilateral and multilateral trade agreements signed or to be signed by Vietnam.

"These are signs indicating that FDI flows into HCM City will increase sharply this year," a HEPZA spokesman said.-VNA