HCM City (VNA) – Ho Chi Minh City’s authorities pledged to create the best conditions for foreign businesses to expand investment, Secretary of the municipal Party Committee Dinh La Thang c🦹onfirmed at a meeting in the city on March 16.

He highlighted the crucial role of the foreign business community in realising local socio-economic development goals, and proposed overseas firms further renovate technology to increase labour productivity and competitive edge. Both local authorities and foreign companies must be transparent in their operation, he said, suggesting taking better care of their workers, especially when it comes to salary, accommodation, social insurance and social beneficiary policies. One of the issues that drew participants’ interest was regulations under the Ministry of Science and Technology’s Circular 23 on importing second-hand equipment and machinery, which will take effect from July 1, 2016. Foreign business players pointed out some difficulties in investment in the city such as administrative and customs procedures, tax declaration, human resources quality and infrastructure improvement. Chairman of the municipal People’s Committee Nguyen Thanh Phong said the city will promptly deal with the shortcomings and reform its policy to create a more favourable and attractive investment environment. HCM City will step up administrative reform and infrastructure improvement to serve locals and businesses better, he said, adding that the city will hold scores of round-table meetings with foreign businesses in the coming time. According to the municipal Department of Planning and Investment, the city attracted 4.5 billion USD in FDI in 2015, a year-on-year rise of 38.28 percent, making up 19.8 percent of the country’s total FDI.-VNA