HCMC seeks VND100 trillion investment for ten strategic projects

Ho Chi Minh City hosted a Dialogue Conference between city leaders and South Korean businesses, with the participation of Vice Chairman of the HCMC People's Committee Vo Van Hoan, South Korean Consul General in HCMC Shin Choong Il, and representatives from various organizations, associations, and South Korean enterprises operating in the city on March 25.

In his opening remarks, Mr. Vo Van Hoan highlighted the continuous growth of Vietnam-South Korea relations over the past three decades, especially since the two countries upgraded their ties to a comprehensive strategic partnership in December 2022. At the local level, South Korea remains one of HCMC's key partners in trade, investment, and tourism.

"More than 80,000 South Koreans currently live and work in HCMC, alongside over 2,000 South Korean businesses. This is a vital resource that contributes to the city's socio-economic development while also serving as an effective bridge between our two nations," Mr. Vo Van Hoan emphasized.

As the city accelerates economic recovery and investment attraction, its leaders are committed to enhancing the investment climate, maintaining socio-political stability, and supporting foreign businesses—especially South Korean enterprises—for long-term and sustainable growth.

South Korean Consul General Shin Choong Il expressed confidence in the conference, stating, "This event is not only a platform for addressing business challenges but also an opportunity to deepen understanding of the city's priorities in digital transformation. It marks the beginning of stronger advancements in bilateral cooperation."

At the conference, Mr. Do Dang Ai, Deputy Director of the HCMC Department of Finance, stated that the city’s GRDP for 2024 is projected to grow by 7.17 percent. South Korea is currently the third-largest investor, with 2,286 projects and a total investment of $5.5 billion. HCMC is prioritizing the development of high-tech industries, financial services, and digital technology hubs while promoting public-private partnerships (PPP) in infrastructure, healthcare, and education.

A key highlight of the event was the proposal to establish HCMC International Financial Center, presented by Ms. Nguyen Truc Van, Director of the Center for Socio-Economic Simulation and Forecasting. The plan is divided into three phases, aiming to position the city as a global financial hub after 2035 while also contributing to Vietnam’s target of achieving net-zero emissions by 2050.

Representing the business community, Mr. Kim Nyoun Ho, Chairman of the Korean Chamber of Commerce in Vietnam (KOCHAM), proposed solutions for key issues, including on-the-spot export tax refunds, adjustments to port infrastructure fees, the expansion of the Korean International School, and the simplification of investment licensing procedures.

Mr. Michael Jaewuk Chin, Independent Director at Vingroup, shared insights on developing financial hubs in Northeast Asia and emphasized the significance of green finance. He suggested collaboration on green bonds, carbon credit projects, and renewable energy initiatives between Vietnam and South Korea as a strategic approach to sustainable development.

The HCMC Investment and Trade Promotion Center (ITPC) and KOCHAM reaffirmed their commitment to acting as a bridge between city authorities and the South Korean business community. Both sides pledged to maintain regular dialogue to address challenges and provide timely policy updates, with the goal of fostering new cooperation models that strengthen Vietnam-South Korea relations and support HCMC’s sustainable growth in its deepening integration phase.