HCM City’s business climate and business development strategies were introduced at an Investment-Trade-Tourism Promotion conference in Sydney, Australia, on Wednesday.

The event, organised by the city’s Investment and Trade Promotion Centre (ITPC), was attended by Vietnamese Consul General to Sydney Hoang Minh Son, representatives from the Australia-Viet Nam Business Council and Vietnamese and Australian investors in services, tourism, accommodation and real estate.

In his opening remarks, Son said Viet Nam and Australia had become important trade partners, with bilateral trade doubling to US$6 billion in 2017 from $3 billion in 2007. Both sides boast huge potential for bilateral cooperation, he said, stressing that HCM City will become an attractive destination for Australian investors.

He noted that the Vietnamese Government and diplomatic agencies in Australia had created favourable conditions for ties between businesses and authorities of the two countries.

The conference served as a venue for enterprises from both sides to seek co-operation opportunities, he stated.

On his part, ITPC Director Pham Thiet Hoa said the city was Viet Nam’s most attractive destination for foreign investment in 2016, with 836 new projects worth $3.42 billion, making up 14 per cent of the nation’s total investment.

In the first nine months of 2017, the city continued to lead cities and provinces nationwide in foreign direct investment, with total registered capital of $3.74 billion, he said.

The southern hub is working to improve administrative procedures, issue new laws, provide initiatives and improve infrastructure to lure foreign investment, he emphasised, adding that the city is prioritising investment in mechanics, information and technology, pharmaceutical chemistry and food processing. Further, queries by Australian businesses on investment procedures, preferential policies and measures to promote tourism were answered at the conference. Similar promotion conferences will be held in Melbourne and New Zealand. — VNS