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HCMC gets ready for new foreign investment wave. (Photo: SGGP) |
However, to be able to strongly attract foreign direct investment (FDI) and welcome new investment waves, the southern hub needs to solve bottlenecks and stagnation in investment procedures. HCMC also needs to work on promoting the development of new areas such as technology, finance, and urban infrastructure.
According to the municipal Department of Planning and Investment, the city topped the country in the total value of foreign investments in 2022, including new and additional investment capital and capital contribution, share purchase, and contributed capital purchase reached more than US$3.94 billion, up 5.4 percent compared to 2021.
Among newly granted projects, there were 820 newly granted works in the form of 100-percent foreign capital investment, 71 joint ventures, and two projects in the form of business cooperation contracts.
The city has several advantages in economic development, particularly high-quality human resources, and relatively developed infrastructure to attract investment in high-tech service industries, according to economic experts.
It also has a favorable strategic location, and is the country's largest high-tech manufacturing and service center as well as a multicultural city suitable for foreigners coming to work, live and travel.
The city will restructure its economic sectors to focus on attracting FDI in key industries. It will also promote investment attraction in industries with high added value on the basis of the high-tech industry and digital economy, automation, artificial intelligence, software, and microchips.
It has also focused on turning into the largest creative startup hub in the country to help improve the efficiency of the labor market. This will support the real estate market, science and technology, and the financial market according to the standards of the market economy and international economic integration.
