UK wants to increase investment in HCM City: official

Saturday, 2018-07-07 07:54:14
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Vice Chairman of the Ho Chi Minh City People’s Committee Tran Vinh Tuyen (R) receives Baroness Fairhead, Minister of State for Trade and Export Promotion at the UK Department for International Trade. (Photo: hcmcpv.org.vn)
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NDO/VNA – The United Kingdom (UK) wants to boost its investment in Ho Chi Minh City, especially in the fields of planning, project management and smart urban development, said Baroness Fairhead, Minister of State for Trade and Export Promotion at the UK Department for International Trade.

At a working session with Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen on July 6, Fairhead said economic relations between the UK and Vietnam have seen progress in recent years.

In 2017, Vietnam exported US$6 billion worth of products to the UK, up 30% year-on-year, while importing around US$1 billion worth of goods from the European country, she said.

Vietnam’s economy has achieved impressive growth, Fairhead said, stressing that British enterprises have highly evaluated the country’s investment and business environment, especially HCM City’s development potential in the coming time.

With their experiences and modern technologies, companies from the UK can help HCM City with data digitalisation and provide it with designing, planning, urban development and management services while wishing to get information about the city’s future projects, the official said.

Fairhead noted the UK and Vietnam are celebrating the 45th founding anniversary of diplomatic ties this year with a range of exchange activities, of which an innovation festival in HCM City in November will be a highlight, saying that it will serve as a chance for British enterprises to explore and set up long-term investment and business partnerships with local partners.

Tuyen told his guest that British investors have to date poured more than US$500 million into 135 projects in HCM City. As an economic hub of Vietnam, HCM City has become an attractive destination for many foreign investors, he said.

HCM City is now giving priority to calling for investment into a smart urban development project and hi-tech projects, Tuyen said, adding that the city wants British businesses to step up cooperation and investment in the fields where the UK has strengths and HCM City has demands.