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Citizens are carrying out administrative procedures in Thu Duc City Land Registration Office |
Expressing his eagerness for new mechanisms and policies to be adopted in HCMC, President Tran Viet Anh of the Board of Directors of Nam Thai Son Import-Export JSC. said that these new legal documents are going to help the city become more active in attracting potential resources investments.
He admitted that high-quality human resources and experts wishing to work in HCMC used to encounter policy-related barriers. The newly approved resolution for HCMC’s growth, with breakthrough mechanisms and policies for the attraction of more investments and social resources, human resources from outside the city (especially leading experts and foreign professionals of all fields) will greatly boost the inner power of HCMC itself as well as people from other places in their startup activities.
He also commented that major businesses, investors, and foreign markets will see a new HCMC after the implementation of this resolution. Companies sited in the city are waiting for hi-tech investors to earn a chance of market expansion for further development. Therefore, he believed that these enterprises will experience positive changes from the end of this year.
Deputy General Director Nguyen Quang Thanh of HCMC Finance and Investment State-owned Co. (HFIC) shared that the draft resolution to replace Resolution No.54 stipulates that HCMC People’s Council can allocate investments from the city’s budget with preferential interest rates for socio-economic development projects borrowing money from HFIC.
The support under the investment stimulus scheme of HCMC has encountered obstacles for the last 2 years. The new resolution can reactivate the scheme while doubling the maximum support level to VND200 billion (US$8.5 million). This will be a precious chance for businesses to obtain sufficient financial resources for development.
General Director Le Huu Nghia of Le Thanh Construction – Commerce Co. Ltd. expressed his joy when the new resolution has a special section for social housing. Real estate enterprises are experiencing much trouble due to the gloomy market. In addition, many businesses do not have products to offer to true house buyers. The high loan interest rate of 14 percent also prevents purchasers from carrying out housing deals.
He hoped that the new resolution can help HCMC basically address these issues as well as tackling law-related problems to that the real estates industry can bloom again. More importantly, the new resolution is expected to accelerate legal procedures for social housing projects, thereby creating more apartments to satisfy the public’s demands and increase the living standards of city workers, especially low-income ones.
The allocation of the city’s budget to Vietnam Bank for Social Policies (VBSP) – HCMC Branch for loans to eliminate poverty and offer jobs to laborers has so far witnessed various difficulties, said its Director Tran Van Tien. Despite trying to seek several capital sources, VBSP can only answer 20 percent of the needs. The new resolution to replace Resolution No.54 stipulates that HCMC can send public investments from local budgets to VBSP – HCMC Branch for these purposes.
Director Tien voiced the wish of VBSP and the Steering Committee of the Sustainable Poverty Reduction Scheme that the Departments of Planning & Investment, Finance quickly advise HCMC People’s Committee to prepare suitable capital allocation plans and present them in the upcoming meeting of HCMC People’s Council this July.
By doing that, his bank can obtain necessary capital this August to disburse at the end of 2023 for supports to the mentioned scheme. This will in turn help vulnerable people to overcome economic obstacles at present. It will also aid in eliminating illegal credit activities in HCMC.
Chairman Nguyen Ngoc Hoa of HCMC Union of Business Associations (HUBA) agreed that the introduction of the new resolution to replace Resolution No.54 can give way for breakthroughs in HCMC, helping the city to grow qualitatively. The HCMC business community has thoroughly studied that critical document and is now ready to implement it, in hope of increasing the competitiveness against foreign enterprises.
HUBA has actively worked with the HCMC Department of Planning and Investment and relevant agencies to prepare certain content related to businesses in the city. New features compared to the city’s existing stimulus program have been studied. HUBA is also filtering eligible enterprises and key investment projects to allocate capital from the city budget right when the new resolution is approved.
Finally, HUBA has called upon leading businesses of each industry to discuss possible opportunities brought by the new resolution for the general growth of HCMC as well as the country.
