HCM City set to welcome fresh wave of US investment

A corner of Ho Chi Minh City. VNA/VNS Photo

HCM CITY – Hồ Chí Minh City is poised to attract a new wave of investment from US enterprises, with numerous projects proposed in key sectors.

A recent highlight was the HCM City Autumn Forum 2024 organised in New York by the municipal authorities, which drew strong interest from US investors, particularly in the areas of technology, finance, and healthcare.

In his remarks, Chairman of the municipal People’s Committee Phan Văn Mãi said the city is willing to accompany US investors in their areas of interest and proposed making the forum an annual event.

This month, a delegation of leading US investment funds will visit the southern economic hub to co-host a conference on IPO strategies and provide insights into developing the city’s financial centre.

Philippe Ghanem, CEO and founder of SquaredFinancial, said it is a “ripe time” for HCM City to establish a new financial centre in Asia, as the city has all favourable conditions needed.

By early 2025, more than 30 US enterprises are expected to return to Việt Nam to deploy signed agreements and expand links with the local business community.

Several high-profile investment projects from US firms have already been proposed. Smart Tech Group Vietnam, a subsidiary of US-based Smart Tech Group, has suggested investing US$340-850 million to build a battery production plant for energy storage. The company is currently seeking a suitable site in the city.

Coteccons, a Vietnamese construction firm, has partnered with the US-based Eaton Corporation to propose building a data centre in the city's Saigon Hi-Tech Park.

Meanwhile, the Evolution Group, under the US investment firm Warburg Pincus, has submitted a proposal to the municipal authorities for a large-scale, 36 MW data centre in the same location, with an estimated investment of US§305 million.

The US multinational corporation and technology company NVIDIA has shown keen interest in the city. In July, it dispatched multiple delegations to explore the local opportunities for establishing an AI research, development, and training centre, installing a supercomputer system, and partially relocating its GPU (graphics processing unit) manufacturing operations to Việt Nam. Marvell Technology is also preparing to expand its chip design centres in the city. VNS