Since the establishment of the first industrial zone over 30 years ago, they have been attracting $480-500 million a year with the exception of 2011, when $1 billion flowed into them.

A worker at an electronics manufacturing factory in HCMC's Tan Thuan Export Processing Zone.

Last year’s $1.012 billion, which went into both new and existing businesses, marked an 84% increase from 2022.

It included nearly $223 million in foreign direct investment.

According to HCMC Export Processing Zone and Industrial Park Authority (HEPZA), which manages the city’s EPZs and IPs, investment surged last year since many existing companies expanded operations, especially those in capital- and technology-intensive industries like high technology, mechanical manufacturing and telecom.

Companies in other industries also invested heavily in technology to optimize their production and fall in line with the city's plans to restructure industry by shrinking labor-intensive sectors.

HCMC has 17 operating EPZs and industrial zones which house nearly 1,700 companies and employ over 252,000 workers.

In 2024 HEPZA targets attracting investments of $550 million.

It is currently scouting for lands for the construction of the Pham Van Hai Industrial Parks 1 and 2, converting the Le Minh Xuan Industrial Park 2 into a specialized industrial park for the pharmaceutical sector and developing the high-rise factory model to improve land use efficiency.

Manpower training crucial for foreign investment attraction

As foreign-invested businesses always need high-quality human resources to apply new technologies, training skilled manpower is believed to help Vietnam attract more foreign investment.

Public investment meets 82% of PM's target

Vietnam disbursed VND580 trillion ($23.78 billion) in public investment last year, 82% of the set goal by Prime Minister Pham Minh Chinh.

Japanese semiconductor firms considering investment in Vietnam

Japanese financial services firm SBI Holdings considers Vietnam an attractive investment destination for semiconductor manufacturing.

Chinese investments to shoot up after Xi’s Vietnam visit

A surge in China investment in infrastructure and energy is expected after Party General Secretary and President Xi Jinping’s recent visit to Hanoi, analysts say.

Vietnam rolls out red carpet for US chip giant's investment

Vietnam boasts huge potential to develop semiconductor and AI industries, and pledges to create favourable conditions for NVIDIA corporation, a leading chip producer in the US, Minister of Planning and Investment Nguyen Chi Dung said on December 11.

Source: VnExpress