To bring multinational corporations and financial institutions to Thu Thiem New Urban Area, the city should offer incentives such as income tax cuts to encourage them to come, said Vo Sy Nhan, general director of NP Capital Partner Limited. 

 

Phong said some large financial groups from the U.S. have expressed interest in developing Thu Thiem into a major financial center. The city plans to attract big corporations, he added.

 

Don Lam, CEO of VinaCapital Group and chairman of YPO Vietnam, said investors involved in infrastructure projects in HCMC are facing so many disheartening problems such as lengthy negotiations on site clearance compensation. Most foreign investors want the city to offer them cleared land so that they can quickly carry out their projects.

 

Meanwhile, Nguyen Quoc Khanh, chairman of the Handicraft and Wood Industry Association of HCMC (Hawa), requested the city government to support developing a research center for wood processing.

 

He also proposed a bigger exhibition and convention center than the existing one in District 7, as it is small (around 20,000 square meters) and does not have enough space for big events.

 

Phong said the city government is seeking the Prime Minister’s approval to give a no-bid contract to a consortium to develop an international-standard exhibition center covering 12 hectares in Thu Thiem.

 

Phong said the city has set aside 80 hectares at Hiep Phuoc Industrial Park in the outlying district of Nha Be to construct multi-storey buildings with workshops measuring 50-100 square meters to meet the needs of investors for small workshops. Such workshops have already been up and running at Tan Thuan Export Processing Zone in District 7 and leased out to Japanese enterprises.

 

According to Phong, the city is focusing on making the investment environment more favorable for businesses.

 

As for human resources, general director of Talentnet Corporation Tieu Yen Trinh suggested the city introduce special policies to attract talent from foreign countries, including overseas Vietnamese.

 

The city should pay more attention to retaining talent, providing free education for children of foreign experts, attracting foreign investment in education and developing quality educational institutions, Trinh said.

 

“If we can do all these, I believe everyone will be dreaming of working in HCMC in the next 5-10 years,” Trinh said.

 

YPO, founded in the U.S. in 1950, now has 24,000 members in 130 countries. Total sales of YPO members make up around 15% of global gross domestic product (GDP).

 

YPO Vietnam was established in 1996 and currently has 31 members.