In the first 8 months of 2023, foreign direct investment (FDI) in Ho Chi Minh City reached more than 1.9 billion USD. This figure reflects Ho Chi Minh City's efforts in attracting investment as well as implementing breakthrough solutions to solve problems for businesses, especially high-tech, low-emission projects.
Intel Corporation has just announced that it has completed the paperwork to implement the second phase of investment in the Intel factory in the Ho Chi Minh City High-Tech Park. Accordingly, the corporation will invest an additional 475 million USD, bringing the total investment here to nearly 1.5 billion USD after 13 years, to improve the operational efficiency of the factory producing the 13th generation Raptor Lake microprocessor and the next generation Meteor Lake microprocessor. Up to now, the factory in Vietnam is producing and accounting for more than 50% of Intel's global assembly and testing output.
In order to create the most favorable conditions for businesses, the Ho Chi Minh City People's Committee has directed the establishment of a Working Group to handle difficulties, negotiate and propose policies to support research and development activities to continue supporting Intel Corporation to effectively implement projects currently operating in the High-Tech Park and to mobilize the expansion of Intel's factory in Ho Chi Minh City in the future. The results will be reported to the Prime Minister in September 2023.
Intel factory in Ho Chi Minh City (Photo: Intel)
Also in Ho Chi Minh City, Samil Pharmaceutical Company Limited (Samil) said it has invested 92.5 million USD to build a pharmaceutical factory. The construction and installation of machinery and equipment have been completed and it is applying for a GMP certificate to put it into operation.
However, this enterprise encountered many difficulties in the process of project approval procedures and delayed VAT refunds, causing the company to face great difficulties in research costs and recruiting experts.
The difficulties of this enterprise were answered by the leaders of Ho Chi Minh City at the Dialogue Conference between Ho Chi Minh City leaders and Korean enterprises held in August 2023. Mr. Nguyen Tien Dung, Deputy Director of the Ho Chi Minh City Tax Department, said that although the enterprise has an investment certificate and a business registration certificate, according to the tax refund regulations in Decree 19/2023 and Circular 13/2023, one of the procedures for tax refund is a document accepting conditional business lines.
According to Mr. Dung, after the high-tech park sent a dispatch requesting the Ministry of Health to give its opinion on granting an investment certificate to Samil, the Ministry supported the policy and at the same time requested the high-tech park to guide the company in completing the procedures for granting a certificate of eligibility for pharmaceutical business according to regulations.
The removal of obstacles for Intel and Samil demonstrates Ho Chi Minh City's efforts to improve the investment environment as well as support businesses to attract high-tech, low-emission foreign investment projects.
According to the report of the Ho Chi Minh City Statistics Office, in the first 8 months of 2023, the total foreign investment capital invested in Ho Chi Minh City reached more than 1.9 billion USD. Of which, 762 new investment licenses were granted with registered capital of 390 million USD, an increase of 59.1% in the number of projects and 26.2% in capital over the same period. For projects with adjusted registered capital, there were 194 projects with increased capital of 582 million USD, an increase of 102% in the number of projects.
The bright spot in attracting FDI capital to Ho Chi Minh City is the high increase in capital poured into professional and scientific and technological activities. Of the 194 projects with adjusted registered capital, 50 were in professional and scientific and technological activities, with registered capital increasing by 290 million USD, accounting for nearly 50% of the adjusted registered capital.
Attracting FDI capital to invest in science and technology sectors is also in line with Ho Chi Minh City's orientation in the coming time, which is to attract investment in high-tech, less labor-intensive, and environmentally friendly sectors.
High technology, less labor-intensive, and environmentally friendly are the fields that Ho Chi Minh City prioritizes to attract FDI capital (Illustration photo)
According to experts, with the National Assembly's recent approval of Resolution 98/2023/QH15 on piloting a number of specific mechanisms and policies for the development of Ho Chi Minh City, effective from August 1, 2023, many bottlenecks in administrative procedures related to business investment activities will be quickly resolved. These are recommendations on procedures related to construction activities, fire prevention, reinvestment in road infrastructure, electricity, healthcare, etc. that have lasted for many years, which have been resolved.
More importantly, the maximum application of electronic public administrative services helps digitize administrative procedures, file licensing, and resolve problems, making time progress transparent, so businesses can conveniently monitor the progress of file processing and proactively plan production and business.
Resolution 98/2023/QH15 of the National Assembly on piloting a number of specific mechanisms and policies for the development of Ho Chi Minh City includes 44 mechanisms and policies in 7 areas, which are expected to make a breakthrough in unlocking resources, maximizing potential and advantages, creating momentum for development and bringing Ho Chi Minh City back to its inherent development trajectory, worthy of its role as the economic locomotive of the whole country. Resolution 98 stipulates the largest number of specific mechanisms and policies ever approved by the National Assembly. The areas to which specific policies are applied include: Investment management; Finance, budget; Urban and natural resources - environment; Priority industries to attract strategic investors to the city; Science and technology management, innovation; Organization of the administrative apparatus of Ho Chi Minh City; Organization of the administrative apparatus of Thu Duc City... According to Chairman of the Ho Chi Minh City People's Committee Phan Van Mai, Resolution 98 was passed by the National Assembly with many new mechanisms and policies to create conditions for Ho Chi Minh City to unleash resources, create momentum for development, and maximize the city's potential and strengths to match its leading position in the socio-economic development of the Southeast region and the whole country; The Resolution not only solves the current difficulties the city is facing but also creates new driving forces for the city's development in the coming time... |
Ngoc Chau
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