New investment agency approved

Prime Minister Nguyen Tan Dung Wednesday approved a Ho Chi Minh City government plan to set up a new agency to attract investment to the southern hub.

The HCMC Finance and Investment Company (HFIC) will be charged with raising finance from individuals and agencies and investing in infrastructure projects and major projects in the city.

The agency will act on behalf of the municipal government, the HCMC People’s Committee, and will also be responsible for the collection of debts, capital management, bond issues and liaising with foreign organizations on finance and infrastructure matters.

Details of HFIC’s budget is yet to be revealed and work is still underway to finalize the legal details to set up the agency.

Minh Phat

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