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HCMC pledges to lift hindrances facing foreign firms

The Saigon Times

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HCMC – HCMC Chairman Phan Van Mai has committed to removing obstacles over administrative procedures, investment policies and infrastructure facing foreign investors to help them do business and expand operations in the city.

HCMC Chairman Mai was speaking at a roundtable meeting with foreign business associations yesterday, February 22.

HCMC is moving toward becoming a smart city and a modern service and industrial city, strengthening its role as Vietnam’s economic driver and targeting GRDP per capita at US$8,500 by 2025, so attracting foreign investment and helping firms thrive are needed, according to the city leader.

Speaking at the meeting, a representative of the Singapore Chamber of Commerce Vietnam in HCMC said that time-consuming administrative procedures had prevented many Singaporean companies from doing business smoothly. For example, it takes an equipment rental firm up to one year to get approval from the HCMC Department of Industry and Trade.

As such, the representative proposed the city step up efforts to support foreign firms with administrative procedures, the local media reported.

At the meeting, HCMC Chairman Mai asked the municipal departments to simplify administrative processes and shorten the time to complete procedures.

In addition, the American Chamber of Commerce (AmCham) in Vietnam proposed HCMC allow its member companies to expand their investment and create more favorable conditions for expansion.

HCMC should focus on investment in traffic infrastructure to boost sustainability and further develop production and tourism, according to AmCham.

Many foreign firms also proposed that the city offer tax policies equivalent to global ones to make it easier for HCMC firms to join global supply chains.

These recommendations and proposals from foreign firms were useful for the city’s economic growth, HCMC Chairman Mai said, adding that the city was willing to gather feedback and hear difficulties facing foreign firms to remove them as soon as possible.

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