HCM City seeks Indian investment

HCM City seeks Indian investment

Local officials have urged Indian businesspeople to increase their investments in information technology, telecommunications and electricity.

Lu Thanh Phong, deputy director of HCM City's Department of Planning and Investment, said those three areas held a great deal of potential for investors from India, especially in the IT sector.

Currently, the city has only 23 Indian foreign direct investment projects, with total registered capital of US$5.06 million, of which $3 million is invested in the information and communications sector.

During the meeting, Sanjay Kalra, the International Monetary Fund's resident representative in Viet Nam and Laos, said he was optimistic about long-term investment in the country because of its young and dynamic population.

HCM City has 8.5 per cent of the country's population, but contributes over 20 per cent of the country's GDP and 28 percent of industrial production.

Since 1988, the city has granted investment licenses to 4,582 foreign direct investment projects, with total investment of nearly $32 billion.

During the first quarter this year, the city granted investment licences to 63 FDI projects, with over $148 million, an increase of 100 per cent compared with the same period last year.

vietnamnews