Business

HCM City accelerates administrative reform to facilitate investment

Municipal leaders have reaffirmed their commitment to cutting red tape and shortening processing times. The city recently issued a decision reducing timelines for eight administrative procedures in the investment sector, including shortening the issuance of investment registration certificates from 10 to 8 days and cutting procedures for capital contributions and share acquisitions from 15 to 8 days.

HCM City speeds up administrative reforms to boost investment (Photo: VNA)
HCM City speeds up administrative reforms to boost investment (Photo: VNA)

HCM City (VNA) – Ho Chi Minh City is intensifying administrative reform as foreign investors show rising interest in opportunities across the southern economic hub. In recent months, municipal leaders have held a series of working sessions with major international corporations seeking to expand or launch new projects.

Vice Chairman of the municipal People’s Committee Bui Xuan Cuong recently met representatives of France-based HDF Energy, which set up its Vietnam office in 2022.

According to the firm’s Vietnam Director Tran Khanh Viet Dung, HDF is preparing an investment portfolio worth around 500 million USD, covering renewable energy projects, a green hydrogen river bus service on the Saigon river, cooperation on a green port in Can Gio, green energy supply for Con Dao, and research on a hydrogen-powered urban rail line.

Earlier, during a meeting with city leaders in November, Amata Vietnam CEO Somhatai Panichewa said the group was developing a proposal for a new industrial park project in Chau Duc with a minimum investment of 180 million USD, targeting high-tech industries, logistics and smart urban development. She noted that the master plan and feasibility study had been completed with Japanese partners.

A number of other investors have also expressed interest. De Heus of the Netherlands is studying opportunities at the city’s International Financial Centre. The UAE-based G42 plans to invest nearly 2 billion USD in an AI super data centre, while KinhBac City Development Holding Corporation, in cooperation with Accelerated Infrastructure Capital and VietinBank, is preparing a 200 MW AI-enabled data centre project of similar value.

Alongside new proposals, several foreign enterprises plan to expand operations. Techtronic Industries aims to enlarge its Milwaukee facility at the Saigon Hi-Tech Park. Intel Vietnam CEO Kenneth Tse revealed that the corporation was considering shifting assembly, packaging and testing activities from Costa Rica to Vietnam and requested further support from city authorities.

Municipal leaders have reaffirmed their commitment to cutting red tape and shortening processing times. The city recently issued a decision reducing timelines for eight administrative procedures in the investment sector, including shortening the issuance of investment registration certificates from 10 to 8 days and cutting procedures for capital contributions and share acquisitions from 15 to 8 days.

Adjustments to existing projects have also been simplified, with several procedures reduced to between 2 and 4 working days. These reforms are expected to further strengthen HCM City’s appeal to foreign investors in the coming period./.

VNA
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