FDI Wave from the UK into Ho Chi Minh City

 UK businesses are gradually becoming the largest investors in Vietnam.

The southern key industrial zone (SKEZ) including Ho Chi Minh City (HCMC) and neighboring provinces such as Binh Duong, Dong Nai, Long An and Ba Ria – Vung Tau.

SKEZ include 106 active industrial zones with a total area of 33,500ha. Those industrial parks have the advantage that lie near the highway, intercity road, seaport and international airport.

HCMC is the economic center of SKEZ, therefore this is the area that always receives the largest amount of FDI projects.

According to Savills Vietnam, in the first half of 2015, UK businesses have invested the most in HCMC, accounted for 59% of total FDI capitals, followed by investors from the British Virgin Islands (15%) and South Korea ranks 3rd (10%).

HCMC has 16 active industrial parks, operating with 2,300ha leased land, attracted 425 million USD from FDI, increase by 50% compared with 2014.

Currently, HCMC has announced plans to open 7 new industrial parks, with a total area of around 2,000 ha to welcome FDI inflows in the textile, service and food processing industries.

Moreover, in recent years, HCMC has adopted preferential tax policies to encourage new businesses operating in the high-tech industry and related scientific disciplines.

Especially in infrastructure development, in order to welcome foreign investors, infrastructure of the city has been growing rapidly with many underway projects, such as the HCMC – Long Thanh highway, the metro 1 and the belt roads of the city.

In early 2016, two key roads will begin construction includes the belt road no.3 connecting Nhon Trach District, Dong Nai and Ben Luc – Long Thanh highway.

We, ANT Consulting company, support you with the service of set up a company in Vietnam, Risk management in Vietnam, Employee background check in Vietnam… to help you shorten the implementation time.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

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Benefits of Investors to Set-up Business in Ho Chi Minh City

Ho Chi Minh City offers many benefits for foreign companies to do business and invest. It houses high number of population at working ages with growing income. It has infrastructure for logistics system to support manufacturing, import and export, and local distribution in Vietnam. It is the financial center of Vietnam. And most important, the government always has policies to improve administrative procedures and improve investment environment to create favourable conditions for company to set up business in Ho Chi Minh City.

The population of Ho Chi Minh City is of more than 10 mil, earning a higher average income than other part of the country. Consumer retail has found Ho Chi Minh City as an attractive market for investment in retail shops, malls, introducing quality consumer goods to the local.

Ho Chi Minh City offers adequate infrastructure such as the Sai Gon port systems, deep seaport access from Vung Tau port systems, Tan Son Nhat international airport, and possible Long Thanh international airport project, Saigon railway station, the expressways, etc, connecting the city to neighbouring countries in the region and other part of the world. Through setting up factories in industrial zones, processing zones, local and international manufacturing companies could take advantage of high quality labor resources at reasonable cost and move the finished goods to final destinations in US, EU with reasonable lead-time and expenses. Consequently, the city has become leading industrial city of Vietnam, contributing more than 30% industrial production, 30% GPD and 30% national income to the country’s total.

Ho Chi Minh City is also a financial center, which the biggest stock exchange is located. Many corporations, and investment companies has chosen Ho Chi Minh City to set-up management and investment offices to search for opportunities, conduct Merger and Acquisitions and other business transactions, to leverage the annual growth of the country at more than 6%.

At the same time, the city government has been improving policies to support the removal of difficulties for foreign-invested enterprises investing in Vietnam through fixing administrative procedures to shorten the administrative process, saving time for investors, offering “one-stop” mechanism at the main state agencies.

Our professional consultants and lawyers have assisted a number of foreign companies and individuals to conduct transactions, set-up companies, make investment through M&A, and actively involve in the development of Ho Chi Minh City in particular and the whole country

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

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US Investors Set up Business in Ho Chi Minh City

United States (US) businesses are expecting to pour investment capital and set up business in Ho Chi Minh City (HCMC) in the near future, when Vietnam and the US are members of the Trans-Pacific Partnership agreement (TPP).

Statistics from the Department of Planning and Investment of HCMC showed that in 2015, the city has attracted 26 investment projects from the US with a total capital of approximately 135.4 million USD. In the first 2 months of 2016, the US has invested an additional of 4 new projects with total capitals of 1.56 million USD. It is forecasted that after TPP takes effect, the number will increase exponentially.

The industrial zones in HCMC are attracting the most investment within three years. Currently there are more than 300 projects worth more than 600 million USD. With the launching of TPP, the city hopes to receive a new wave of investment from US businesses. The efforts to reform the city’s administration procedures are creating favorable environment for US businesses to increases investment in HCMC.

According to the representative of the US Consulate in HCMC, diplomatic relation between Vietnam and the US is getting better, creating conditions and opportunities for US investors to come and set up business in HCMC. As recognized by the American Chamber of Commerce in Vietnam (Amcharm), businesses from the 2 countries feel very excited after exploring the investment environments of each other.

According to the Amcham’s representative, the promotion of the free trade agreements and especially TPP is bringing Vietnam and the US to the center of trade cooperation. It is reflected positively in 2015 with growth rate reached 45 billion USD in terms of sales, increased by 20% compared with 36 billion USD in 2013. Currently, Vietnam is also the leading countries in ASEAN on trade balance with the US when Vietnam accounting for 25% of export turnover of the area and this figure will continue to increase in 2020.

According to representatives of the Department of Planning – Investment in Ho Chi Minh City, Vietnam American investors to increase mainly in the field of real estate, banking, services, processing technology. This is a positive signal for bringing high-income jobs for local workers. The goal of the 2020 Vietnam brought exports to the US increased by 300 billion dollars.

According to representatives of the Department of Planning and Investment of Ho Chi Minh City, investment from the US to Vietnam increased mainly in the field of real estate, banking, services, processing technology. This is a positive signal because it brings high-income jobs for local workers. The goal of Vietnam is that till 2020, export turnover to the US will increase by 300 billion USD.

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Benefits of Investors to Set-up Business in Ho Chi Minh City

Ho Chi Minh City offers many benefits for foreign companies to do business and invest. It houses high number of population at working ages with growing income. It has infrastructure for logistics system to support manufacturing, import and export, and local distribution in Vietnam. It is the financial center of Vietnam. And most important, the government always has policies to improve administrative procedures and improve investment environment to create favourable conditions for company to set up business in Ho Chi Minh City.

The population of Ho Chi Minh City is of more than 10 mil, earning a higher average income than other part of the country. Consumer retail has found Ho Chi Minh City as an attractive market for investment in retail shops, malls, introducing quality consumer goods to the local.

Ho Chi Minh City offers adequate infrastructure such as the Sai Gon port systems, deep seaport access from Vung Tau port systems, Tan Son Nhat international airport, and possible Long Thanh international airport project, Saigon railway station, the expressways, etc, connecting the city to neighbouring countries in the region and other part of the world. Through setting up factories in industrial zones, processing zones, local and international manufacturing companies could take advantage of high quality labor resources at reasonable cost and move the finished goods to final destinations in US, EU with reasonable lead-time and expenses. Consequently, the city has become leading industrial city of Vietnam, contributing more than 30% industrial production, 30% GPD and 30% national income to the country’s total.

Ho Chi Minh City is also a financial center, which the biggest stock exchange is located. Many corporations, and investment companies has chosen Ho Chi Minh City to set-up management and investment offices to search for opportunities, conduct Merger and Acquisitions and other business transactions, to leverage the annual growth of the country at more than 6%.

At the same time, the city government has been improving policies to support the removal of difficulties for foreign-invested enterprises investing in Vietnam through fixing administrative procedures to shorten the administrative process, saving time for investors, offering “one-stop” mechanism at the main state agencies.

Our professional consultants and lawyers have assisted a number of foreign companies and individuals to conduct transactions, set-up companies, make investment through M&A, and actively involve in the development of Ho Chi Minh City in particular and the whole country

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang, will help customers conveniently drafting contracts, Debt Recovery, Set up business, Foreign invest, ....

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Benefits of Setting Up Company in Ho Chi Minh City

Ho Chi Minh City is considered as Vietnam’s economic hub. During the long history of foundation and development, the city’s economy is growing constantly and motivating the development of the country.

The city is therefore considered as a potential investment environment for domestic investors as well as foreign investors. The investment through establishing companies and conducting business activities in Ho Chi Minh city certainly promises to achieve multiple benefits. These benefits come from the following reasons.

First, Ho Chi Minh City has strategic location advantage in Vietnam. Southeast Asia Region, Ho Chi Minh City is 1,700 km south of Hanoi, 297 km east of Phnom Penh, Cambodia, 881 km east of Bangkok, Thailand.

Food, glass, textiles, paper products, plastics, chemicals, building materials and machinery are produced here. Ho Chi Minh City accounts for 20% of total gross domestic product (GDP), 30% of industrial production and 40% of export products of Vietnam. The city also accounts for 33% of the national budget and 60% of foreign investment flows into the region. In the past few years, the economy have been grown at a rate greater than 10% (6% to 8% nationally).

Second, Ho Chi Minh City is home of well – qualified, abundant and young human resources.

With a population of more than 8 million, accounting for more than 10% of the total Vietnamese population, Ho Chi Minh City itself has potential employment market to make any business investment. The work force in Ho Chi Minh City was estimated to reach 4.7 million people in 2012, making up more than 50% of the total population of the city. The percentage of trained labor increased from 40% in 2005 to 55% in 2010 and was forecast to reach 70% in 2015. The percentage of labor source holding postgraduate degree is also increasing year by year and most of them tend to stay in the city after holding degrees. Ho Chi Minh City is also home to more than 80 universities and colleges, vocational schools with over 400,000 students providing an abundant trained work force.

With the above – mentioned abundant labor force, any companies set up in Ho Chi Minh City can easily recruit suitable employees in a short time..

Third, the city has modern and high infrastructure system. Namely, when setting up company in Ho Chi Minh City, the owners will benefit from the modern and comprehensive infrastructure system.

Tan Son Nhat Airport is the largest airport in the country with the capacity to accommodate 20 million people a year. From Tan Son Nhat Airport, there are 50 routes to other countries all over the world such as China, Japan, Korea, Singapore, European countries, etc.

Saigon Port serves as a gateway to the Mekong River Delta, the South China Sea (83 km away from the sea) and the Asia continent. The port has a total area of 500,000 m2 with 5 terminals meeting the international standards, and it handles about 8.3 million tons of cargo annually. Throughout the history of foundation and development of Saigon, Saigon Port plays an important role in making Ho Chi Minh City a flourishing trading center. It accounts for a fifth of the nation’s Gross Domestic Product and almost a third of its industrial production.

Ho Chi Minh City is also home to industrial zones. According to the statistics of Cushman & Wakefield, the city has 18 industrial parks that are operating with a total area of 3635 ha. When investing in such industrial zones in Vietnam, enterprises can benefit from various incentive policies such as low rate tax or other incentive policies.

Telecommunication and information technology in the city is modern. The system of post and telecommunication in Ho Chi Minh meets international standard, providing fast, reliable and high quality services such as ADSL, rapid data transfer, wide broadband MAN. The Internet service in Ho Chi Minh city is also among the cheapest in the world.

Besides, the city is also considered the best working conditions. Enterprise will not be fear that it is not enough place for working. The city with the system of offices provide ideal working environment for all investors.

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Ho Chi Minh City Attracted USD 1.92 Billion of FDI

Ho Chi Minh City is one of the major economic, political and cultural centers of Vietnam as it has many favorable conditions for development. That’s why many foreign investors choose to set up company in Ho Chi Minh city.

In the first 4 months of 2018, the total registered capital of new, increased, and contributed capital, purchase of shares of foreign investors in Ho Chi Minh City was 1.92 billion USD, accounting for 23.8% of the total investment capital of the whole country.

According to the Foreign Investment Department – Ministry of Planning and Investment, from the beginning of the year until now, foreign direct investment (FDI) projects have disbursed 5.1 billion USD, increase by 6.3% over the same period in 2017.

The whole country has 883 new projects have just been granted investment certificate with a total registered capital of 3.55 billion USD, equaling 76.1% over the same period in 2017. There are 303 projects registering to adjust investment capital with total increasing registered capital of 2.24 billion USD, equivalent to 51.5% compared with the same period in 2017.

In terms of investment sector, in the past four months, foreign investors have invested in 17 industries, of which the processing and manufacturing sectors are still attracting more attention of foreign investors with total capital of 4.52 billion USD, accounting for 56.1% of total registered capital. The real estate business ranked second with a total investment capital of 807.5 million USD, accounting for 10% of total registered capital. The third was the wholesale and retail sector with total registered capital of 779 million USD, accounting for 9.7% of total registered capital.

In terms of investment partners, there are 82 countries and territories have investment projects in Vietnam, of which Korea ranks first with total investment of 2.32 billion USD, accounting for 28.7% of total capital. Japan ranks second with total registered capital of approximately 1.29 billion USD, accounting for 16% of total investment. Singapore ranks third with total registered capital of 808 million USD, accounting for 10% of total investment.

Ho Chi Minh City continues to attract the most capital with a total registered capital of 1.92 billion USD, accounting for 23.8% of total investment. Hai Phong ranks second with a total registered capital of 1.03 billion USD, accounting for 12.8% of total investment. Hanoi ranks third with a total registered capital of 746 million USD, accounting for 9.25% of total investment.

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Ho Chi Minh City Attracted USD 1.92 Billion of FDI

Ho Chi Minh City is one of the major economic, political and cultural centers of Vietnam as it has many favorable conditions for development. That’s why many foreign investors chooose to set up company in Ho Chi Minh city.

In the first 4 months of 2018, the total registered capital of new, increased, and contributed capital, purchase of shares of foreign investors in Ho Chi Minh City was 1.92 billion USD, accounting for 23.8% of the total investment capital of the whole country.

According to the Foreign Investment Department – Ministry of Planning and Investment, from the beginning of the year until now, foreign direct investment (FDI) projects have disbursed 5.1 billion USD, increase by 6.3% over the same period in 2017.

The whole country has 883 new projects have just been granted investment certificate with a total registered capital of 3.55 billion USD, equaling 76.1% over the same period in 2017. There are 303 projects registering to adjust investment capital with total increasing registered capital of 2.24 billion USD, equivalent to 51.5% compared with the same period in 2017.

In terms of investment sector, in the past four months, foreign investors have invested in 17 industries, of which the processing and manufacturing sectors are still attracting more attention of foreign investors with total capital of 4.52 billion USD, accounting for 56.1% of total registered capital. The real estate business ranked second with a total investment capital of 807.5 million USD, accounting for 10% of total registered capital. The third was the wholesale and retail sector with total registered capital of 779 million USD, accounting for 9.7% of total registered capital.

In terms of investment partners, there are 82 countries and territories have investment projects in Vietnam, of which Korea ranks first with total investment of 2.32 billion USD, accounting for 28.7% of total capital. Japan ranks second with total registered capital of approximately 1.29 billion USD, accounting for 16% of total investment. Singapore ranks third with total registered capital of 808 million USD, accounting for 10% of total investment.

Ho Chi Minh City continues to attract the most capital with a total registered capital of 1.92 billion USD, accounting for 23.8% of total investment. Hai Phong ranks second with a total registered capital of 1.03 billion USD, accounting for 12.8% of total investment. Hanoi ranks third with a total registered capital of 746 million USD, accounting for 9.25% of total investment.

How ANT Lawyers Could Help Your Business?

Please click here to learn more about ANT Lawyers Foreign Investment Practice or contact our Law firms in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

Read More

Benefits of Setting Up Company in Ho Chi Minh City

Ho Chi Minh City is considered as Vietnam’s economic hub. During the long history of foundation and development, the city’s economy is growing constantly and motivating the development of the country.

The city is therefore considered as a potential investment environment for domestic investors as well as foreign investors. The investment through establishing companies and conducting business activities in Ho Chi Minh city certainly promises to achieve multiple benefits. These benefits come from the following reasons.

First, Ho Chi Minh City has strategic location advantage in Vietnam. Southeast Asia Region, Ho Chi Minh City is 1,700 km south of Hanoi, 297 km east of Phnom Penh, Cambodia, 881 km east of Bangkok, Thailand.

Food, glass, textiles, paper products, plastics, chemicals, building materials and machinery are produced here. Ho Chi Minh City accounts for 20% of total gross domestic product (GDP), 30% of industrial production and 40% of export products of Vietnam. The city also accounts for 33% of the national budget and 60% of foreign investment flows into the region. In the past few years, the economy have been grown at a rate greater than 10% (6% to 8% nationally).

Second, Ho Chi Minh City is home of well – qualified, abundant and young human resources.

With a population of more than 8 million, accounting for more than 10% of the total Vietnamese population, Ho Chi Minh City itself has potential employment market to make any business investment. The work force in Ho Chi Minh City was estimated to reach 4.7 million people in 2012, making up more than 50% of the total population of the city. The percentage of trained labor increased from 40% in 2005 to 55% in 2010 and was forecast to reach 70% in 2015. The percentage of labor source holding postgraduate degree is also increasing year by year and most of them tend to stay in the city after holding degrees. Ho Chi Minh City is also home to more than 80 universities and colleges, vocational schools with over 400,000 students providing an abundant trained work force.

With the above – mentioned abundant labor force, any set up company in Ho Chi Minh City can easily recruit suitable employees in a short time..

Third, the city has modern and high infrastructure system. Namely, when setting up company in Ho Chi Minh City, the owners will benefit from the modern and comprehensive infrastructure system.

Tan Son Nhat Airport is the largest airport in the country with the capacity to accommodate 20 million people a year. From Tan Son Nhat Airport, there are 50 routes to other countries all over the world such as China, Japan, Korea, Singapore, European countries, etc.

Saigon Port serves as a gateway to the Mekong River Delta, the South China Sea (83 km away from the sea) and the Asia continent. The port has a total area of 500,000 m2 with 5 terminals meeting the international standards, and it handles about 8.3 million tons of cargo annually. Throughout the history of foundation and development of Saigon, Saigon Port plays an important role in making Ho Chi Minh City a flourishing trading center. It accounts for a fifth of the nation’s Gross Domestic Product and almost a third of its industrial production.

Ho Chi Minh City is also home to industrial zones. According to the statistics of Cushman & Wakefield, the city has 18 industrial parks that are operating with a total area of 3635 ha. When investing in such industrial zones in Vietnam, enterprises can benefit from various incentive policies such as low rate tax or other incentive policies.

Telecommunication and information technology in the city is modern. The system of post and telecommunication in Ho Chi Minh meets international standard, providing fast, reliable and high quality services such as ADSL, rapid data transfer, wide broadband MAN. The Internet service in Ho Chi Minh city is also among the cheapest in the world.

Besides, the city is also considered the best working conditions. Enterprise will not be fear that it is not enough place for working. The city with the system of offices provide ideal working environment for all investors.

How ANT Lawyers Could Help Your Business?

Please click here to learn more about ANT Lawyers Foreign Investment Practice or contact our Law firms in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

Read More

US Investors Set up Business in Ho Chi Minh City

United States (US) businesses are expecting to pour investment capital and set-up business in Ho Chi Minh City(HCMC) in the near future, when Vietnam and the US are members of the Trans-Pacific Partnership agreement (TPP).

Statistics from the Department of Planning and Investment of HCMC showed that in 2015, the city has attracted 26 investment projects from the US with a total capital of approximately 135.4 million USD. In the first 2 months of 2016, the US has invested an additional of 4 new projects with total capitals of 1.56 million USD. It is forecasted that after TPP takes effect, the number will increase exponentially.

The industrial zones in HCMC are attracting the most investment within three years. Currently there are more than 300 projects worth more than 600 million USD. With the launching of TPP, the city hopes to receive a new wave of investment from US businesses. The efforts to reform the city’s administration procedures are creating favorable environment for US businesses to increases investment in HCMC.

According to the representative of the US Consulate in HCMC, diplomatic relation between Vietnam and the US is getting better, creating conditions and opportunities for US investors to come and set up business in HCMC. As recognized by the American Chamber of Commerce in Vietnam (Amcharm), businesses from the 2 countries feel very excited after exploring the investment environments of each other.

According to the Amcham’s representative, the promotion of the free trade agreements and especially TPP is bringing Vietnam and the US to the center of trade cooperation. It is reflected positively in 2015 with growth rate reached 45 billion USD in terms of sales, increased by 20% compared with 36 billion USD in 2013. Currently, Vietnam is also the leading countries in ASEAN on trade balance with the US when Vietnam accounting for 25% of export turnover of the area and this figure will continue to increase in 2020.

According to representatives of the Department of Planning – Investment in Ho Chi Minh City, Vietnam American investors to increase mainly in the field of real estate, banking, services, processing technology. This is a positive signal for bringing high-income jobs for local workers. The goal of the 2020 Vietnam brought exports to the US increased by 300 billion dollars.

According to representatives of the Department of Planning and Investment of Ho Chi Minh City, investment from the US to Vietnam increased mainly in the field of real estate, banking, services, processing technology. This is a positive signal because it brings high-income jobs for local workers. The goal of Vietnam is that till 2020, export turnover to the US will increase by 300 billion USD.

How ANT Lawyers Could Help Your Business?

Please click here to learn more about ANT Lawyers Foreign Investment Practice or contact our Law firms in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

Read More

Benefits of Investors to Set-up Business in Ho Chi Minh City

Law firm in Ho Chi MinhCity

Ho Chi Minh City offers many benefits for foreign companies to do business and invest.

The population of Ho Chi Minh City is of more than 10 mil, earning a higher average income than other part of the country. Consumer retail has found Ho Chi Minh City as an attractive market for investment in retail shops, malls, introducing quality consumer goods to the local.

Ho Chi Minh City offers adequate infrastructure such as the Sai Gon port systems, deep seaport access from Vung Tau port systems, Tan Son Nhat international airport, and possible Long Thanh international airport project, Saigon railway station, the expressways, etc, connecting the city to neighbouring countries in the region and other part of the world. Through setting up factories in industrial zones, processing zones, local and international manufacturing companies could take advantage of high quality labor resources at reasonable cost and move the finished goods to final destinations in US, EU with reasonable lead-time and expenses. Consequently, the city has become leading industrial city of Vietnam, contributing more than 30% industrial production, 30% GPD and 30% national income to the country’s total.

Ho Chi Minh City is also a financial center, which the biggest stock exchange is located. Many corporations, and investment companies has chosen Ho Chi Minh City to set-up management and investment offices to search for opportunities, conduct Merger and Acquisitions and other business transactions, to leverage the annual growth of the country at more than 6%.

At the same time, the city government has been improving policies to support the removal of difficulties for foreign-invested enterprises investing in Vietnam through fixing administrative procedures to shorten the administrative process, saving time for investors, offering “one-stop” mechanism at the main state agencies.

Our professional consultants and lawyers have assisted a number of foreign companies and individuals to conduct transactions, set-up companies, make investment through M&A, and actively involve in the development of Ho Chi Minh City in particular and the whole country

How ANT Lawyers Could Help Your Business?

Please click here to learn more about ANT Lawyers Foreign Investment Practice or contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

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HCMC to set up business support center

HCMC – The HCMC government intends to set up a business support center that will carry out a survey of business bottlenecks every six months, as one of the solutions to improve its Provincial Competitiveness Index (PCI).

The city last year moved down from the 6th to the 8th place in the PCI rankings of the Vietnam Chamber of Commerce and Industry (VCCI), says a report by the HCMC Department of Planning and Investment at a meeting on PCI improvement on April 11.

Five component indicators in the PCI reading of the city fell. Transparency fell from 6.51 to 6.5 points as businesses believed documents related to State management activities were not readily available, and the link between enterprises and State agencies was not strong enough.

The indicator of fair competition recorded a drop from 4.28 to 4.13 points, with respondents saying the municipal authorities still favor foreign-invested enterprises (FIEs) and State-owned enterprises (SOEs) over others.

The active government indicator declined from 4.19 to 4.17 points. Meanwhile, the indicator of business support services went down from seven to 6.82 points and that of the legal environment slid from 5.04 to 4.25 points.

In terms of transparency, many investors are now expressing their interest in the city, but municipal agencies are not really helpful, said Nguyen Hoang Minh, deputy director of the Department of Planning and Investment.

For example, regarding access to land, when businesses need land to expand their production, they look for equal government support regardless of the type of enterprise. Thus, it is not right to let private firms say the municipal government favors FIEs or SOEs, Minh said.

HCMC vice chairman Tran Vinh Tuyen said that although the city’s access to land indicator improved in 2016, there is still the state of people asking or even giving bribes for land planning quotas. In the coming time, it should be all made public to citizens.

On informal charges, Tuyen suggested city departments and districts strengthen their dialogues with enterprises, encourage them to abandon corrupt practices, since a healthy clean government needs joint efforts from both authorities and society.

In addition, the city will accelerate online public services that reduce direct contact between civil servants and citizens as well as businesses in an attempt to prevent harassment and bring down informal costs.

Meanwhile, to better the indicator of fair competition, the city is looking to build a center for entrepreneurship that will assist enterprises in investment and guide them to do business in all fields. This center will also offer consultancy, help foreign enterprises directly contact the city’s policies and planning to facilitate their investment, and act as a bridge between investors and policies as well as planning in an open and transparent manner.

Moreover, the city will study the formation of its own survey with the criteria suitable for the city. The survey will be conducted every six months, starting early this June (by the HCMC Institute of Economics), which will poll both domestic and foreign investors concerning the issues of their concerns such as taxation, publicity and transparency of planning and procedures.

“We should make State agencies a place for enterprises to rely on rather than their obsession when they want to do business here,” Tuyen said at the meeting on April 11.

- Saigontime- 

How ANT Lawyers Could Help Your Business?

Please click here to learn more about ANT Lawyers Foreign Investment Practice or contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

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