Ho Chi Minh City

HCMC signs cooperation with US financier on infrastructure development

SGGP
HCMC Party Chief Nguyen Thien Nhan worked with leaders of Internatinal Finance Corporation ((IFC) and witnessed the signing ceremony of a cooperation Memorandum of Understanding (MoU) between the city People’s Committee and IFC on improving and expanding city infrastructure in the US on December 15.
 

HCMC People’s Committee and IFC leaders sign the cooperation MoU on city infrastructure development in Wasington D.C on December 15 (Photo: SGGP)

HCMC People’s Committee and IFC leaders sign the cooperation MoU on city infrastructure development in Wasington D.C on December 15 (Photo: SGGP)

He has been leading a high level delegation from the city during a working visit to the US.
According to the MoU, the two sides will set up feasible steps to advance towards cooperation in improving and broadening the city’s infrastructure and diversifying capital sources through IFC’s non refundable supply of financial tools and technical consultancy for HCMC.
IFC will assist HCMC in local bond issues in line with Vietnam’s relevant regulations, consult the city on a suitable process to get international credit rating, provide technical advices on Smart City project, implementation of public private partnership (PPP) model and PPP project structure.
On the same day, Mr. Nguyen Thien Nhan visited the Vietnam Embassy in the US, thanked Ambassador Pham Quang Vinh and embassy staff for their contributions to HCMC for the last past including co-organization of the working visit.
HCMC signs cooperation with US financier on infrastructure development ảnh 1 HCMC Party Chief Nguyen Thien Nhan (R) and Vietnam Ambassador to the US Pham Quang Vinh in Wasington D.C on December 15 (Photo: SGGP)

 He hoped the embassy to keep supporting HCMC in strategies exploiting high technology potentials of the community of Vietnamese people in the US for the city development and startup promotion.
Afterwards, Mr. Nhan and Mr. Vinh attended a forum with the US-ASEAN Business Council (USABC).
The event’s organization was proposed by HCMC to contribute in intensifying relations between HCMC and US investors. It was attended by USABC chairman Alex Feldman and representatives of 17 large groups and companies in the US namely Facebook, Visa, Intel, Coca-Cola, GE, 3M, Abbott Laboratories, Herbalife and Uber.
At the forum, Secretary Nguyen Thien Nhan presented potentials and challenges in HCMC development with the target in the phase of 2020-2030 of quick and sustainable economic development. The city will obtain the growth rate of 8 percent, labor productivity triple national average; contribute 30 percent national budget and become a smart city and the national center in Industry 4.0.
He also listened to and replied to some opinions and suggestions by investors at the forum and affirmed that HCMC always create the most advantageous conditions for businesses to invest and expand investment in Vietnam.
HCMC signs cooperation with US financier on infrastructure development ảnh 2 HCMC leaders attend a forum with USABC on December 15 (Photo: SGGP) 
At the headquarters of the World Bank (WB) in Washington D.C, Mr. Nhan and the delegation worked with WB vice chairwoman Victoria Kwakwa and her coworkers.
Mr. Nhan appreciated contributions and attempts by Ms. Kwakwa as former director of WB Vietnam and in the current position together with contributions by WB staff in Vietnam for the last past.
Subsequently the two sides discussed cooperation plans in HCMC’s projects and programs.
Mr. Nhan said that the city would establish working groups to strongly attract residents to attend and estimate the projects and programs, efficiently implement PPP model in infrastructure investment and develop Smart City.
One of the main goals of the HCMC high level delegation's working visit to the US is to learn the US, one of the most successful nations in startup, he added.
Ms. Kwakwa agreed to organize groups to work with HCMC about the above contents.
WB committed to utmost assisting HCMC within its capacity, she said.
HCMC signs cooperation with US financier on infrastructure development ảnh 3 HCMC Party Leader Nguyen Thien Nhan gives WB vice chairwomanVictoria Kwakwa an oil painting (Photo: SGGP)

By KHAC VAN – Translated by Hai Mien

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