The commercial capital of this communist country has experienced double-digit economic growth since 2000 - much higher than the national rate of 7.5 per cent during the same period, they said.

City officials led by People's Committee vice chairman Nguyen Trung Tin told more than 200 local and foreign investors - including 90 from Thailand - of business opportunities.

"The city really means business," its Trade and Promotion Centre vice director Nguyen Anh Ngoc said.

More than 97,000 companies are registered in Ho Chi Minh - or about 30 per cent of all companies registered in Vietnam. More than 2,500 foreign representative offices from 56 countries and territories have been set up in Ho Chi Minh City, he said.

"And you are not alone, as 50 foreign banks set up branches and representatives to provide financial services if you decide to do business here," Ngoc said during the conference co-hosted by Asia News Network, a grouping of 16 Asian newspapers.

The Vietnam stock market is one of Asia's hottest at present and has shot past the 1,000-point mark.

Tan Son Nhat is Vietnam's busiest airport with eight million passengers a year. Traveller numbers will hit 10 million in the next three years, he said. Saigon Port is the biggest seaport in the country, handling 40 million tonnes a year, a figure expected to jump 2.5 times by 2010, he said.

Ngoc explained that the city has three economic processing zones - one for high technology and two for software. There are also 12 industrial parks with the potential for many more, he said.

Ho Chi Minh's infrastructure is developing, its Department of Planning and Investment deputy director Nguyen Van Hung said. This includes roads and bridges to "facilitate transportation and ease traffic congestion", he said.

Projects in the pipeline include a northwest residential and industrial zone, and Thu Thiem, a new township. Both need foreign investment, he said.

Supalak Ganjanakhundee

The Nation

HO CHI MINH CITY