During the meeting, Saiful Rizal Ab Bakar, Head of Post-Investment Support and Project Implementation at Invest Penang, noted that Penang is often dubbed the "Silicon Valley of the East."
Spanning 1,059 square kilometers, Penang boasts the second-highest urbanization rate in Malaysia. The state has a population of 1.8 million and hosts more than 350 multinational corporations, over 6,500 small and medium-sized enterprises, and more than 200 digital technology firms, all supported by a highly efficient logistics ecosystem.
According to Mr. Saiful Rizal Ab Bakar, another core strength of Penang is its status as a medical device manufacturing hub.
Additionally, Penang is undertaking a MYR 1.5 billion (approximately US$367 million) airport upgrade, scheduled for completion in the second quarter of 2028. Upon completion, Penang International Airport will become Malaysia's second-largest airport, with a designed capacity of 12 million passengers annually.
Commending Penang's economic capability and potential, Ho Chi Minh City Chairman Nguyen Van Duoc stated that the city's per capita income reached US$8,900 in 2025, is projected to reach US$9,600 in 2026, and is targeted to hit US$15,000 by 2030.
The city expects to attract US$18 billion in foreign direct investment (FDI) this year, with state budget revenue reaching VND1 quadrillion (roughly US$40 billion). The city contributes 24 percent to the national gross regional domestic product (GRDP) and accounts for more than one-third of total national budget revenue.
The Chairman noted that Ho Chi Minh City has been studying Invest Penang's approach to coordinating state agencies, enterprises, and educational institutions to advance the electrical, electronics, semiconductor, and high-tech sectors. In particular, Ho Chi Minh City is seeking lessons from Penang's post-investment support services, local supplier development, and workforce preparation tailored to corporate demand.
He expressed his hopes for the pragmatic and effective growth of cooperative relations between Ho Chi Minh City and Penang, as well as between Vietnam and Malaysia as a whole.
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