Business

Industrial zone attracts more local investors

Domestic investment in the HCM City Export Processing and Industrial Zone (HEPZA) was twice that of Foreign Direct Investment (FDI) in the first seven months of the year, reports the zone's management authority.
Domestic investment in the HCM City Export Processing and IndustrialZone (HEPZA) was twice that of Foreign Direct Investment (FDI) in thefirst seven months of the year, reports the zone's management authority.

Domestic investors provided about 235 million USD for 35projects while their money for 19 existing projects added another 62million USD.

FDI was about 136.3 million USD for 27 projects.

HEPZA Authority deputy director Nguyen Tan Phuoc explained: "The FDIdecrease resulted from the global financial crisis and the authority'snew investment policy which discourages labour-intensive projects thatdo not utilise technology."

But domestic enterprises had taken advantage of the opportunity to expand their investment and improve existing projects.

About 2.1billion USD has been injected into export processing and industrial zones during the past five years.

Of this, domestic investment has totalled 1.32 billion USD.

Licences have been granted or implemented for almost 1,200 projects inHCM City 's export processing and industrial zones so far thisyear.

Domestic investors have financed 710 projects and FDI 447.

In the next five years, HCM City will bring into operation a furtherseven industrial zones to add to the existing 15 operational industrialparks and export processing zones, including Dong Nam, Phuoc Hiep andBau Dung.

HEPZA Authority said that the most challengingfactor in attracting FDI was external infrastructure, transport systems,limited land, rental prices and a shortage of electricity.

HCM City targets to reach FDI of 8.4 billion USD for 2010./.
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