Ho Chi Minh City orders follow-up on Korean investors’ complaints

Ho Chi Minh City authorities have directed municipal agencies to address obstacles raised by Korean businesses and report back within 15 working days. The instruction came at a November 5 dialogue where officials sought investment in high technology, supporting industries, semiconductors, infrastructure and green energy.

Municipal People’s Committee Vice Chairman Nguyen Cong Vinh said agencies must explain any unresolved cases, outline the next steps and give an expected completion date. Matters involving several departments must have clearly assigned responsibilities so businesses do not need to approach multiple offices.

Korean companies reported difficulties with licensing imported consumer goods, declaring foreigners’ temporary residence, electronic administrative processes and tax finalisation when closing or relocating businesses. Some said tax cases had remained pending for years and requested published deadlines and clearer limits on supporting documentation. They also raised inconsistent paperwork and notarisation requirements for investment and enterprise registration certificates.

Pham Quang Nhat, director of the Ho Chi Minh City Investment and Trade Promotion Centre, said South Korea ranked first in the city for project numbers, with more than 3,400, and second for registered capital, exceeding US$15.8 billion as of late September. The city is seeking investment for 200 projects spanning nine sectors, he said.

Municipal officials said a plan was being drafted to shift industrial and export-processing zones towards high-tech, ecological and next-generation industries. For factories leaving residential neighbourhoods, the city aims to provide replacement industrial land alongside relocation. It is also studying interest-rate assistance for infrastructure investors and businesses taking part in the conversion.