U.S. enterprises propose a series of projects
A high-level delegation from the U.S.’s Trump Organization recently met with the city’s leaders and conducted a fact-finding tour to the Thu Thiem area to identify a suitable location for the proposed Trump Tower project - a complex consisting of a shopping center, luxury apartments, a five-star hotel, and offices for lease.
    |
 |
|
An overview of Intel Factory in Ho Chi Minh City's Saigon High-Tech Park (Source: baodautu.vn) |
Since the beginning of 2025, HCM City has welcomed and held working sessions with numerous U.S. companies coming to seek investment opportunities and propose projects. According to the Management Board of the Saigon Hi-Tech Park (SHTP), over 10 delegations of domestic and foreign investors, many of them from the U.S., have visited the park so far this year. Notably, Omega is interested in the semiconductor sector, while Quantum Systems is exploring opportunities in biotechnology.
Recently, numerous U.S. enterprises have proactively proposed large-scale projects in the city. For instance, Smart Tech Group has submitted a proposal to the municipal People's Committee to invest in a battery production plant for power storage on an area ranging from 10 to 50 hectares, with a total estimated investment of 340 to 850 million USD. The company hopes to launch the project in 2025 or as soon as land is allocated.
Notably, the data center sector, the SHTP has become a focal point for U.S. technology firms. Evolution Group, a subsidiary of investment fund Warburg Pincus, has proposed a 36 MW data center project with a total investment of approximately 305 million USD. Meanwhile, Eaton Corporation has also submitted a proposal to the municipal People's Committee to develop a data center at the park.
In addition to receiving visiting delegations, from May 20 to 22, the SHTP Management Board conducted investment promotion activities in the U.S. to introduce the city’s investment environment and incentives, particularly targeting potential investors in high-tech sectors.
A “golden” opportunity, but readiness needed
In the wave of U.S. business investment into Ho Chi Minh City, the presence of NVIDIA - a global giant in the artificial intelligence (AI) industry - is particularly noteworthy. Following three rounds of meetings with the city in 2024, both sides are now finalizing a comprehensive cooperation plan. Key areas include the establishment of an R&D center branch in the city; AI workforce development; implementation of the Jen-Hsun Huang Scholarship Program; AI training programs; and the construction of a high-performance computing center and a Center of Excellence (CoE) for AI.
According to the municipal Department of Science and Technology, the official signing of the cooperation agreement between HCM City and NVIDIA is expected to take place in early June, with the attendance of senior representatives from NVIDIA.
The continuous influx of investment proposals from U.S. technology corporations is a positive signal, demonstrating Ho Chi Minh City’s strong appeal to high-quality capital, especially in technology and real estate sectors. However, to fully capture this new wave of investment, the city needs to continue improving the investment environment, upgrading infrastructure quality, and particularly enhancing the training of high-quality human resources - a key factor for advanced technology industries such as AI, semiconductors, and clean energy.
Through discussions with U.S. investors, Professor Le Trong Thuy, Department Chair of Electrical Engineering Department at the U.S.’s San Jose State University, noted that compared to many other localities in Vietnam, HCM City has greater advantages in terms of a specialized workforce, convenient transportation infrastructure, and a better investment environment.
Nevertheless, the ability to supply human resources meeting required standards remains a concern for U.S. companies, Thuy said, adding that if HCM City can provide well-structured and professional training for its workforce to meet enterprise demands, it is highly likely that U.S. investors will choose the city as their destination for investment in the semiconductor industry.
Source: VNA