A view of the Tay Bac urban area in HCM City. — Photo cafeland.vn

A promotion was held in Kuala Lumpur this week to call for investment in the Tay Bac urban area in HCM City.

Dinh Khac Huy, head of the project’s management board, introduced the major features of the area to Malaysian firms and plans to make it a modern satellite urban area with full living, working and entertainment facilities.

Covering about 9,000 hectares spanning Cu Chi and Hoc Mon districts, the area is designed for 450 residents. It needs investment in technical and social infrastructure, and housing development.

Huy said that by 2020, the city needed billions of dollars to improve its infrastructure, a challenge for the city as the budget would only meet about 20 per cent of the figure.

He called for investors to engage in infrastructure and housing projects in both Tay Bac urban area and HCM City in general. He also vowed to create the best conditions for Malaysian firms seeking opportunities in the city.

Meanwhile, Viet Namese Ambassador to Malaysia Le Quy Quynh noted that Veệt Nam and Malaysia had enjoyed rapid growth of economic, trade and investment co-operation. He said two-way trade exceeded US$10 billion in 2016.

Malaysia is one of the leading foreign investors in Việt Nam with many of its large firms operating here.The diplomat said the booming development of the real estate sector in Việt Nam had opened up opportunities for domestic and foreign investors.

The ambassador pledged that the Vietnamese Embassy would back trade and investment activities by Vietnamese and Malaysian investors in each country.

Rusiah Mohamed from the Malaysia External Trade Development Corporation (MATRADE) praised Viet Nam’s efforts to promote investment in Malaysia..

She said MATRADE would encourage Malaysian investment in real estate and other fields in Viet Nam. — VNS