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Củ Chi lures investor interest with beneficial policies, location

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HCM City’s Củ Chi District is located right on the banks of the Sài Gòn River and close to provinces that are well established industrial centres, making it ideal for development as a logistics hub and an eco-tourism destination. Photo sggp.org.vn

HCM CITY – The city’s Củ Chi District is attracting great investor interest with favourable policies, logistical advantages and future development plans.

Bordering Hóc Môn District and the provinces of Bình Dương, Tây Ninh and Long An, Củ Chi aims to become a logistics hub connecting industrial zones in Bình Dương, Tây Ninh and Long An.

Many investors have already shown interest in developing major projects in the district including five-star nursing home facilities offering high-end medical and health care services.

Nguyễn Thị Lệ, chairwoman of the district People’s Council, said Củ Chi has seen rapid urbanisation in recent years with the creation of new urban areas, construction of new roads and improved lifestyles.

“Many urban development criteria including population, area, socio-economic indicators, education levels and urban infrastructure have reached the standards of a city,” she said.

To achieve the goal of becoming a city within the city like Thủ Đức, Củ Chi must improve state management in all fields, including the fight against corruption and wastefulness, experts said at a conference in April.

President Nguyễn Xuân Phúc said at the conference that the city should promote investment in the two suburban districts of Củ Chi and Hóc Môn as part of the plan to develop the city further to the northwest, creating long-term livelihoods for residents and developing new sustainable urban areas.

Saying that the two districts would provide new growth impetus for HCM City, the President stressed the importance of carefully selecting projects to call for investment, ensuring that the potentials and advantages of both suburban districts are optimized.

To achieve this goal, Phúc said both districts should improve state management in all fields, including the fight against corruption and wastefulness.

They must also work to improve the business climate to solicit investment in developing new urban areas, industrial parks, tourist areas and commercial zones, he said.

Hóc Môn and Củ Chi are calling for investment in 55 projects worth a total of VNĐ285 trillion (US$12.46 billion) in infrastructure, industry, high-tech agriculture, trade-service, education-culture-sport and transport.

Nguyễn Anh Tuấn, head of the Department of Planning and Architecture’s general planning management, said Củ Chi should also be developed into a green urban area for tourism by maintaining trade villages.

Ecotourism should be developed at the Củ Chi Tunnels and the Bến Dược Temple, he added.

Huỳnh Đăng Nhựt Tâm, director of Vietnam Brand Travel Company, said to improve its tourism products, Củ Chi District must improve its road infrastructure to better connect with downtown HCM City.

Though it is just 30km from downtown HCM City, it now takes more than two hours to get there by car because of traffic congestion.

The district would also need to improve its tourism human resources, Tâm said.

While many businesses are looking to speed up their investment in Củ Chi, there are many implementation difficulties that need to be resolved.

Some of the common problems facing most investment projects include compensation and site clearance, overlapping land ownership, bidding for public land and plans that do not match reality. 

The President asked the administrations of HCM City and Củ Chi District to coordinate with relevant agencies to solve the above problems and improve the investment and business environment, while speeding up administrative reforms. –

Source: https://vietnamnews.vn/economy/1250188/cu-chi-lures-investor-interest-with-beneficial-policies-location.html

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Vietnam’s 2022 economic growth projected at 7%

Vietnam’s GDP is likely to expand by around 7 percent in 2022, much higher than 2.58 percent growth of 2021.

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Minister of Planning and Investment Nguyen Chi Dung made the above statement at the Cabinet meeting in Hanoi on July 4.

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country’s GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government’s Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio – economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Vietnam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Source: https://e.nhipcaudautu.vn/economy/vietnams-2022-economic-growth-projected-at-7-3346528/

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Dragon Capital buys 2.1 million shares of Sacombank

Asset management company Dragon Capital has bought 2.1 million shares of HCMC-based Sacombank, increasing its stake in the bank to 6.09 percent.

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On June 29, two affiliated funds, CTBC Vietnam Equity Fund and Norges Bank, bought 2.3 million shares of the lender while a third, Samsung Vietnam Securities Master Investment Trust, sold 200,000 shares.

The value of the deal is estimated at VND47.5 billion (US$2.03 million) based on the share’s closing price last Wednesday.

Funds under Dragon Capital own 114.8 million shares or a 6.09 percent stake in the bank.

In March, Dragon Capital had raised its stake from 4.98 percent to 5.05 percent, after its largest fund, Vietnam Enterprise Investment Limited, bought 1.25 million shares.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/dragon-capital-buys-21-million-shares-of-sacombank-3346515/

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Vietnam targets 7% GDP growth this year: minister

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HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

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