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City seeks funds for high-tech and green projects
HCM City is seeking investment in high-tech, environmentally friendly projects to meet development demands in the next two years, according to the city’s Planning and Investment Department.
Hardware, software development and the production of electronics parts as well as precision engineering are all part of the city’s plan.
Multibillion dollar projects this year included the US$3.5 billion Berjaya International University, the US$1.2 billion TECO software park and the US$1.2 billion TA tower block.
The TECO software park in Thu Thiem New Urban area in District 12 will develop a space of 700,000 square metres for high tech, software, banking and insurance companies.
The city will also call on further investment for new roads, bridges and electricity and water supplies to meet its economic growth.
To generate capital for its infrastructure, the city will raise capital from different sources, including private investors, since there are limited funds available from the State budget.
Getting funds from Official Development Assistance (ODA) is difficult because of loan procedures.
In the 2008-10 period, the city will promote economic restructuring with a focus on the high-tech industry and services, and the prevention of environmental pollution.
The city has proposed that the Government supports the plan to develop the city into the country’s major financial centre, and set up a Finance Investment Company to generate capital.
The city’s Department of Planning and Investment will work closely with the Trade and Investment Promotion Centre to promote investments in industrial production and high tech industries, especially key industrial sectors such as electronics, information technology, precision engineering, chemicals and food processing.
In the first seven months of this year, the city attracted 172 foreign direct investment (FDI) projects with a total capital of US$7.9 billion, an increase of 12 times compared with the same period last year.
Experts say that the city had succeeded in pulling in FDI because of its improved investment climate, administrative reforms and streamlined investment licensing procedures.
HCM City has 2,908 valid FDI projects worth US$224.91 billion.
VOV
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