Ho Chi Minh City strives to create a favorable investment environment for foreign investors, including those from South Korea, so they may stably and effectively conduct long-term business, Chairman of the municipal People’s Committee Phan Van Mai told an August 16 dialogue between city authorities and South Korean enterprises.

Authorities regularly meet with foreign enterprises to discuss solutions to emerging difficulties and problems, he added.

Acknowledging the problems facing South Korean businesses shared at the meeting, including those relating to customs clearance, VAT refunds, and investment licenses, he said the city will work to deal with all such issues this year.

South Korea is currently one of the largest trading partners of Ho Chi Minh City, ranking fourth out of 120 countries and territories with investments.

South Korean investors have invested in 2,135 FDI projects with total capital of over $5.5 billion, accounting for 9.6 per cent of the city’s total FDI.

Sectors attracting South Korean investment include wholesale and retail, automobile repair, manufacturing and processing, science and technology, and information and communications.