High-tech electronic component production at Nidec Sankyo Vietnam Co., Ltd in Ho Chi Minh City Hi-Tech Park. (Photo: Thanh Vu/VNA)

FDI capital has been directed into many high-tech projects, including the semiconductor manufacturing plant project of BE Semiconductor Industries N.V, with a total registered investment of 42 million USD; Amazon Data Services Vietnam’s additional investment of 48 million USD; and GSK Vietnam’s additional investment of 133 million USD.

Nguyen Trong Luat, CEO of CICOR Vietnam in the VSIP 1 Industrial Park, said: “Global customers know about Ho Chi Minh City, so CICOR Vietnam has more opportunities to expand production, seek new customers, and establish new partnerships. The city has a high-quality workforce. A favorable logistics supply chain via Vung Tau port helps businesses save 15–20% of costs.”

With the merger of Ba Ria-Vung Tau and Binh Duong into Ho Chi Minh City, the new Ho Chi Minh City has become a larger center for finance, premium services, science, technology, education, healthcare, and innovation.

The former Binh Duong province has strengths in processing and manufacturing, modern industrial parks, and an attractive investment environment. The former Ba Ria-Vung Tau province has advantages in energy, deep-water ports, and high-end resort tourism. The combined strengths will create a complete value chain of production, logistics, consumption, and premium services.

Ho Chi Minh City’s FDI attraction strategy aims to tap the potential and strengths of each locality, with new-generation industrial parks hosting high-tech, green, and smart industries.

Nguyen Van Hung, Chairman of the BECAMEX Corporation, said: “The city’s new-generation industrial parks target carbon neutral production because the enterprises produce global products. They want to create a level playing field for businesses and another way for Ho Chi Minh City to attract high-value-added industries.”

At a meeting last Saturday to discuss Ho Chi Minh City’s socio-economic situation, Nguyen Van Duoc, Chairman of the municipal People’s Committee, said FDI has been a highlight of the city’s economy in the past seven months, demonstrating the city’s recovery and the return of investors. International investors are looking at the city’s transparency, infrastructure, connectivity, capacity, and commitment to improving its investment environment. Ho Chi Minh City has made improving the investment environment a key part of its strategy in the coming time.