In an effort to attract more foreign investment, Ho Chi Minh City is undertaking a project to rejuvenate its local industrial parks (IPs) and export processing zones (EPZs). The initiative, set for the 2023-2030 period with a vision to 2045, involves the pilot conversion of five EPZs—Cat Lai, Tan Binh, Hiep Phuoc, Binh Chieu, and Tan Thuan—whose land lease contracts will expire in approximately 20 years. The goal is to transform these areas into eco-industrial and high-tech zones, gradually phasing out labor-intensive factories and outdated technologies while enticing projects with advanced technologies.
Ho Chi Minh City currently hosts 17 IPs and two EPZs, covering over 5,000 hectares and accommodating nearly 1,700 valid projects with a total registered capital of $12.41 billion. Foreign firms contribute 55% of this capital. In the past year, foreign capital inflow increased by 12.47% year-on-year to $221.11 million, while domestic investment reached over VND 18.5 trillion (approximately $788.5 million).
With its advantageous geographic location, high-quality human resources, and a large market, the city has considerable potential to attract more investment into its IPs and EPZs.
Hua Quoc Hung, the head of the HCM City Exporting Processing and Industrial Zones Authority (HEPZA), assured that the authority would provide guidance to investors, assisting them in seeking opportunities to expand their projects. Additionally, the city plans to streamline procedures through the implementation of a "one-door" mechanism, ensuring swift handling of various processes, including project examination and the issuance, adjustment, and revocation of environmental licenses.
Source: VNA