Ho Chi Minh City provides legal support to attract strategic investors

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Overview of the Forum.

Create a safe legal corridor

On December 12, at the Investment Legal Support Forum 2023 organized by the Vietnam International Arbitration Center (VIAC) in coordination with the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), Vice Chairman of the People's Committee Ho Chi Minh City's Vo Van Hoan said that Ho Chi Minh City is focusing on implementing many policies closely following the Central direction on the development of the Southeast and Ho Chi Minh City. In particular, Resolution 98, effective August 1, 2023, has been designed with many specific policies for the City, associated with investment management groups, budget financial management, and land management to attract strategic investors.

Ho Chi Minh City has proactively established a consulting group and experts to effectively implement breakthrough policies from the above Resolution. However, according to Mr. Vo Van Hoan, the environment in Ho Chi Minh City needs to continue to improve so that investors can feel secure in implementing their activities, especially the legal support policy, creating favorable conditions for investors.

On this occasion, Ho Chi Minh City also wants investors to contribute solutions for the city to effectively attract investment projects in semiconductor technology and green infrastructure, since this is a core factor to help maintain and restore growth momentum for the city in the coming time.

Dr. Vu Tien Loc, Chairman of VIAC, said that the legal framework and the way of organizing and applying legal regulations can be considered one of the key factors, contributing to determining the growth of investment activities. Investors, especially foreign investors, have been very confident in the business environment of Vietnam in general and Ho Chi Minh City in particular, even in the most difficult periods. Therefore, to respond to that trust, we need to provide them with assurance of safety when making investments, in which legal safety is the most urgent requirement.

Similarly, Dr. Tran Du Lich, Chairman of the Advisory Council implementing Resolution 98, Vice Chairman of VIAC assessed that many specific policies have been effective after 4 months of Ho Chi Minh City implementing Resolution 98. However, for the Resolution to be implemented In order to come to life and fulfill its expected role, models such as the Investment Legal Support Forum are extremely necessary and serve as an effective bridge between the investor community and other units of consulting, legal support and competent state agencies.

Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan spoke at the Forum.

Many difficulties and challenges

Ho Chi Minh City is facing many advantages in attracting investment with specific mechanisms and policies. However, at the forum of experts and businesses, the implementation of investment projects, especially investment in the form of public-private partnerships (PPP) under Resolution 98, is facing difficulties and obstacles that need to be resolved.

Mr. Pham Trung Kien, Deputy Director of the Department of Planning and Investment of Ho Chi Minh City, said that the State has issued the Law on Investment in the form of public-private partnership (PPP Law) and a number of other legal documents regulating investment activities in this form. In Ho Chi Minh City, the application of Resolution 98 is an important legal basis, creating conditions for Ho Chi Minh City to be proactive in selecting, calling for and implementing feasible PPP projects.

However, according to Mr. Kien, the actual implementation of PPP projects still has many difficulties and obstacles, although legal regulations in this field are constantly being supplemented and improved, but has not kept up with reality. In addition, both the State and the private sector are still confused in choosing and determining the type of contract to suit each field and nature of the project. Thus, it can be seen that the lack of specific and clearly stated instructions in laws and legal documents makes both state agencies and investors extremely confused when participating in the PPP contracts.

Besides, according to Deputy Director of the Foreign Investment Department, Ministry of Planning and Investment Do Van Su, Vietnam in general and Ho Chi Minh City in particular are entering the opportunity to receive investment transfers from many countries around the world. However, if you want to benefit from this opportunity, you need to have a clear strategy and plan as well as be prepared to meet the requirements of investors, especially related to green economy and circular economy.

Accordingly, to aim for net zero emissions by 2050 - an inevitable development goal for the world, Vietnam needs to quickly adapt to many concepts and industries that are still quite new. Currently, the legal framework related to issues of green economy and circular economy, which are heavily related to energy, emissions, etc., has not been specifically regulated. In addition, many State policies are not really attractive to investors, so it is necessary to quickly promulgate relevant laws and decrees to help investors have the basis and confidence to feel secure in implementing projects.