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HCMC industrial parks eye $500M investment in 2022

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The Tan Thuan Export Processing Zone in Ho Chi Minh City, Vietnam. Industrial parks and processing zones in the city hope to attract investment worth $500 million this year. HEPZA

HCMC industrial parks eye $500M investment in 2022

The Ho Chi Minh City (HCMC) Export Processing and Industrial Zones Authority (HEPZA) said the southern Vietnamese city’s industrial parks (IP) and processing zones hope to attract investment worth $500 million this year.

They attracted $600.79 million last year, well above the target, including foreign investment of $220.26 million, it said.

Speaking at a meeting held to finalise plans for 2022 last week, HEPZA head Hua Quoc Hung said that to achieve the goal, the authority would continue to promote investment incentives, strengthen Covid-19 prevention efforts, enhance support for businesses to help them stabilise operations, and step up administrative reform.

Other key targets would include quickly starting the construction of the proposed 668ha Pham Van Hai IP, speeding up land clearance for building the Le Minh Xuan 2 IP, expanding the Le Minh Xuan IP, Northwest Cu Chi IP, Vinh Loc IP, and Hiep Phuoc third phase, he said.

“HEPZA also plans to develop new industrial park models and … develop criteria for attracting investment in export processing zones and industrial parks.”

It would strengthen investment promotion through foreign industry trade groups in Vietnam and enhance the HEPZA image and brand by offering all possible support for businesses to help them overcome difficulties caused by the Covid-19 pandemic, he said.

It would also develop high-rise factories to improve land-use efficiency, monitor the implementation of land use by investment projects, and take back land from tardy projects.

With Covid-19 still lingering, HEPZA was continuing to cut or defer payment of factory, warehouse and land rents, and infrastructure maintenance and service fees.

It planned to work with banks and authorities to help enterprises borrow, hire employees, build accommodation for employees, and resolve other difficulties.

In 2022 Hepza also planned to put more effort into administrative reforms and hopefully achieve an “excellent” rating in HCMC’s public administrative reform (PAR) index.

To effectively carry out its tasks in 2022 and implement the “one-stop shop, on-site” mechanism, HEPZA had called on the city to strengthen decentralisation and devolve power to it to perform management tasks related to enterprises in export processing zones and industrial parks.

VIET NAM NEWS/ASIA NEWS NETWORK

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