Ho Chi Minh City has established an investment company by restructuring the Investment Fund for Urban Development Finance and Investment Co (HIFU).
The HCMC Finance and Investment Co (HFIC) is a 100 percent state-owned single member limited company that will make direct and indirect investment in priority sectors and provide loans for social and technical infrastructure works and to major economic sectors.
It will have a chartered capital of VND5 trillion (US$262.3) and inherit all the benefits and obligations from HIFU.
It will mobilize local and foreign funds by issuing bonds, borrowing from credit organizations, and soliciting donations.
The erstwhile entity received 30 million euros (US$41.1 million) from the French Development Agency (ADF) in 2006 and a credit line worth $50 million from the World Bank in 2007.
Recently it negotiated with the ADF for another credit line worth 20 million euros ($27.4 million) and has been involved in a $190 million loan the World Bank gave investment funds in Vietnam.
The company will represent the city on the boards of companies it invests in.
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