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HCMC offers nine advantages to U.S. investors: city leader
The Saigon Times
Tuesday,  Aug 25, 2020,18:53 (GMT+7)

HCMC offers nine advantages to U.S. investors: city leader

The Saigon Times

Speakers at the summit – PHOTO: QDND.VN

HCMC – Opening a summit, the "HCMC-U.S. Business Summit: Driving Partnership and Innovation for the Future”, on promoting partnerships between HCMC and U.S. enterprises this morning, August 25, HCMC Party Committee Secretary Nguyen Thien Nhan pointed out nine advantages the city can offer to U.S. investors.

According to Nhan, HCMC is Vietnam’s economic hub with a population of more than 10 million and is a nice place for foreign investors to work and live in as it boasts of numerous restaurants offering American, French, Italian and other cuisines of the world.

Secondly, the city also has the highest labor productivity in Vietnam, which is three times higher than the country’s average.

The third advantage is that HCMC makes up 25% of the country’s gross domestic product and 30% of the State budget revenue. Foreign investors will have many opportunities to develop, especially in the fields of technology and Artificial Intelligence.

The fourth is that the city’s Quang Trung Software City is the largest software center in Vietnam, exporting software products worth US$500 million every year.

Fifth, 160 U.S. companies have also invested in HCMC, with their total exports over the past 10 years amounting to US$64 billion.

The sixth advantage is that the city is home to a large number of experts, skilled workers and students as well as prestigious institutes, colleges and laboratories.

Seventh, it has good infrastructure, including information technology infrastructure and a smart transport system.

The eighth reason is that HCMC is a dynamic and innovative city, developing high-tech parks, innovation centers and the Thu Thiem new urban area.

Lastly, HCMC is developing the Eastern City covering 210 square kilometers, which is expected to become the third largest economic hub in Vietnam. 

“HCMC leaders are committed to supporting U.S. partners and meeting their needs. Despite the impact of Covid-19 and climate change, the two countries will continue to grow and prosper together,” Nhan noted.

The summit was jointly held by the HCMC government, the U.S. Consulate General in HCMC and the American Chamber of Commerce in HCMC as part of activities to celebrate the 25th anniversary of the establishment of diplomatic ties between Vietnam and the United States.

It was also aimed at promoting U.S. investment into HCMC, especially in the science, technology and innovation sectors, contributing to helping the city become a smart city and an international financial center.

According to Nhan, Vietnam is the 13th largest trading partner of the United States, with two-way trade reaching US$77 billion in 2019 and US$38 billion in the first half of 2020.

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