Investors updated on HCM City’s incentives

A view of HCM City (Photo: baodautu.vn)

HCM City (VNA) – Information on investment procedures and incentives were updated to businesses and investors at a dialogue organised by the Department of Industry and Trade of Ho Chi Minh City on March 31.

According to Vice Director of the department Le Huynh Minh Tu, the country's biggest hub is home to nearly 1,900 representative offices of foreign traders, many have made remarkable contributions to the city's socio-economic development in particular and Vietnam in general.

Participants at the dialogue (Photo: VNA)

The department has planned to organise meetings and consultations to share experience and promote cooperation, focusing on investment and trade activities by each market group and commodity group for Vietnam, he said.

Meanwhile, representatives from the municipal Tax Department said the agency has accelerated the application of technology in declaring and submitting tax documents.

Pham Tuan Anh, deputy head of the foreign economic division of the municipal Department of Planning and Investment, said that the city's authorities encourage oriented activities such as labour training, using local labourers, research and development (R&D), and export.

The city’s incentives for investment will focus on corporate tax, import and export tax, land use and rental fee, among others, he noted.

Statistics show that so far this year, over 74.8 trillion VND (3.27 billion USD) of investment was disbursed in HCM City, up 7.3 percent year-on-year.

Foreign investors poured 406.6 million USD into HCM City from January 1 – March 20. Notably, the capital from Singapore, the Republic of Korea, and Japan accounted for 74.4 percent of the total of newly-registered capital.

The city had 10,533 valid investment projects worth 52.89 billion USD as of March 20./.