NA deputies worry over drop in foreign investment in City

The National Assembly delegation of HCM City has asked the city’s People’s Committee why the amount of foreign direct investment has declined this year.– Photo thesaigontimes.vn

“For the first nine months, the city had 587 new FDI projects with total capital of US$751 million, an increase of 45.3 per cent in number of projects but a significant decrease of 68.2 per cent in capital,” Truong Trong Nghia, deputy head of the HCM City Lawyer Association and an NA member, said at a meeting with HCM City authorities on Wednesday.

“Is HCM City becoming too expensive for foreign investors,” he asked.

Nghia said he was also concerned about the impact of pollution, especially at the Đa Phuoc Rubbish Grounds.

“The city must solve the problem of the Đa Phuoc Rubbish Grounds to ensure health for its residents,” he said.

Despite the drop in investment, other National Assembly delegates said the city should reject any improper project, particularly if it affects pollution.

Serious flooding has become another hot issue. Delegates urged the city authorities to carry out long-term solutions to cope with the worsening flooding.

“Key anti-flooding projects, including one at Tan Son Nhat Airport, must be speeded up to avoid negative impact on socio-economic development,” Nghia said.

Speaking at the meeting, Le Thanh Liem, the deputy chairman of the city People’s Committee said the city would develop support industries to increase localization ratio, and improve value and competitive ability for local industrial products.

“Through such work, the city will call for more foreign investment,” Liem said.

The city also plans to implement more solutions to promote investment, including administrative reform, and more discussions among investors and local authorities as well as creation of “clear” land fund.

As for the Đa Phuoc Rubbish Grounds pollution, Liem confirmed that authorities had worked with the Vietnam Waste Treatment company, which is in charge of operating the rubbish grounds, which has caused a bad smell for months.

“The company must keep their promise to clear the air and maintain a clean environment for local residents,” he said.

Liem committed that relevant authorities would more strictly supervise the operation of the rubbish grounds.