Business

HCM City wants to restart investment stimulus programme

Vietnam's economic locomotive Ho Chi Minh City is planning to implement policies supporting business recovery in the face of ongoing challenges, with a focus on an investment stimulus programme.
HCM City wants to restart investment stimulus programme ảnh 1

A corner of Ho Chi Minh City. The city's investment stimulus programme will support various industries. (Photo: VNA)

HCM City (VNS/VNA) - Vietnam's economic locomotive Ho ChiMinh City is planning to implement policies supporting business recovery in theface of ongoing challenges, with a focus on an investment stimulus programme.

The city's gross domestic product increased by less than 1%in the first quarter, highlighting the inadequacy of the local economicstructure and management institutions for a city of this size.

Recently, at a seminar organised by the HCM City Union of BusinessAssociation, Chairman of the municipal People’s Committee Phan Van Maiannounced plans to submit several supportive policies to the city People'sCouncil in July. These policies will offer immediate and long-term assistanceto local businesses. The Department of Planning and Investment is collaboratingwith the City Business Association to finalise the policy proposal.

Mai said immediate policies will focus on market access support,inventory problem solving and facilitating export opportunities. Notably, thecity will revive the investment stimulus loan programme, which was on hold fortwo years, to provide financing for unfinished projects, as well as newones in priority sectors.

Nguyen Quang Thanh, Deputy General Director of the Ho Chi MinhCity Finance and Investment State-owned Company (HFIC), said HFIC isfinalising the investment stimulus loan programme in collaboration withthe Department of Planning and Investment and other relevant departments.

This programme will be presented to the municipal People's Councilin the next meeting, emphasising greater support levels and an expanded scopeof beneficiaries. Logistics businesses will be included in addition to those inthe field of green transformation. The loan interest support limit willincrease to 200 billion VND (8.44 million USD), with support levels of 50% or100% of the loan interest.

The investment stimulus programme will support various industries,including high-tech enterprises, innovation, digital transformation, education,healthcare, sports and culture, environment, high-rise factoryconstruction projects, and key sectors such as mechanical engineering, foodprocessing, electronics, telecommunications, plasticizing rubber, leather,footwear and textiles.

In addition to the business support program, HCM City is alsoactively addressing two crucial challenges: infrastructure and institutions.

Infrastructure development efforts focus on building Ring Roads 2and 3, renovating the Xuyen Tam and Tham Luong – Ben Cat canal systems, andother key transportation projects.

Regarding institutions, a new resolution is expected to replaceResolution 54 and grant increased autonomy to HCM City. The forthcomingresolution aims to expand decentralisation, empower the city with moredecision-making authority, introduce financial mechanisms to mobiliseresources, and establish motivational policies beyond the current regulations'limitations.

The new resolution aims to alleviate existing obstacles whileattracting investment resources from local, national, and internationalbusinesses, fostering growth and competition./.
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