Ho Chi Minh City Grants 39 New FDI Licenses

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Mar. 8 – Ho Chi Minh city has so far approved investment licenses to 39 new foreign direct investment projects worth an estimated US$333.4 million.

Vietnam’s financial capital wants to attract more investment into mechanics, engineering, bio-technology, IT and new materials projects. Majority of the 29 approved licensed projects last month were located outside the export processing and industrial zones while the rest were found in the Thu Thiem and South Saigon area.

In order to attract more foreign investment in the city, the local government  will be doing land clearance and compensation for major projects including the Tay Bac, Thu Thiem urban areas and Hiep Phuoc Port. Five prime locations in District 1 will also be up for bidding and is expected to pour in billions worth of investment to help achieve the city’s goal of US$8.4 billion for 2010.