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A corner of Ho Chi Minh City |
A recent highlight was the HCM City Autumn Forum 2024 organized in New York by the municipal authorities, which drew strong interest from U.S. investors, particularly in the areas of technology, finance, and healthcare.
In his remarks, Chairman of the municipal People’s Committee Phan Van Mai said the city is willing to accompany U.S. investors in their areas of interest and proposed making the forum an annual event.
This month, a delegation of leading U.S. 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 center.
Philippe Ghanem, CEO and founder of SquaredFinancial, said it is a “ripe time” for HCM City to establish a new financial center in Asia, as the city has all favorable conditions needed.
By early 2025, more than 30 U.S. enterprises are expected to return to Vietnam to deploy signed agreements and expand links with the local business community.
Several high-profile investment projects from U.S. firms have already been proposed. Smart Tech Group Vietnam, a subsidiary of U.S.-based Smart Tech Group, has suggested investing 340-850 million USD 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 U.S.-based Eaton Corporation to propose building a data center in the city's Saigon Hi-Tech Park.
Meanwhile, the Evolution Group, under the U.S. investment firm Warburg Pincus, has submitted a proposal to the municipal authorities for a large-scale, 36 MW data center in the same location, with an estimated investment of 305 million USD.
The U.S. 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 center, installing a supercomputer system, and partially relocating its GPU (graphics processing unit) manufacturing operations to Vietnam. Marvell Technology is also preparing to expand its chip design centers in the city.
Source: VNA