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Sunday, July 14, 2024

HCMC lacks industrial land for FDI projects

By Hung Le

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HCMC – The city is running short of industrial land for big foreign direct investment (FDI) projects, said HCMC Chairman Phan Van Mai.

Speaking during a hybrid meeting with foreign investors chaired by Prime Minister Pham Minh Chinh late last week, Mai said the city now lacks large locations of industrial land for strategic investors.

With the global minimum corporate tax of 15% coming into force next year, tax incentives cannot apply. Therefore, HCMC is now expediting infrastructure projects, making more industrial land available by forming new industrial parks and adjusting the leasing prices of the existing ones.

He proposed the prime minister include two industrial parks, Pham Van Hai 1 and Pham Van Hai 2 in Binh Chanh District, in the city’s industrial park development plan.

HCMC requested the prime minister direct ministries and agencies to update national policy on FDI attraction given the global minimum tax.

In 2022, HCMC attracted US$4.33 billion in new FDI capital, of which US$2.8 billion, 65.7% of the total, came from hi-tech projects.

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