Global Investors Flock to Vibrant Ho Chi Minh City

The Chairman of Ho Chi Minh City, Vietnam, extended a warm invitation to Australian investors, encouraging them to explore the vibrant investment opportunities that the city has to offer. With a dynamic economy and a thriving business environment, the city presents a lucrative prospect for foreign investors seeking to expand their horizons.


A business roundtable between Ho Chi Minh City, Vietnam’s southern economic hub, and New South Wales, Australia, took place in Sydney, drawing over 150 Australian businesses and investors. Phan Van Mai, Chairman of the Ho Chi Minh City People’s Committee, presented the city’s potential, advantages, and cooperation opportunities to the attendees.

Mai highlighted the city’s emerging areas of interest, including science and technology, innovation, digital transformation, and green growth. He invited Australian educational institutions and businesses to explore investment opportunities in Ho Chi Minh City.

Chairman of the Ho Chi Minh City People’s Committee, Phan Van Mai, pays a courtesy call on New South Wales Governor Margaret Beazley. Photo: Viet Nga/VOV-Australia.

Emphasizing the city’s desire for comprehensive and intensive cooperation with Australian partners, Mai assured that Ho Chi Minh City will continue to enhance the investment climate and provide assistance to investors.

Representatives from over 150 New South Wales businesses expressed their interest in learning about investment opportunities and preferential policies in Ho Chi Minh City.

Philippa King, Deputy CEO of the Australian Trade and Investment Commission (AUSTRADE), noted the strong trade, investment, and tourism ties between Vietnam and Australia, facilitated by the Enhanced Economic Engagement Strategy signed in 2021. As a result, both countries have achieved their mutual goal of becoming one of the top 10 trading partners within two years.

King also highlighted Vietnam’s position as one of the fastest-growing economies in the region, making it a highly attractive destination for Australian investors.

Chairman of Ho Chi Minh City People’s Committee, Phan Van Mai, meets with more than 150 New South Wales businesses. Source: SGGP

AUSTRADE is actively supporting Australian businesses in engaging with Vietnam and is working towards establishing an investment center in Ho Chi Minh City. They are also organizing the Southeast Asia Business Exchange to boost bilateral trade.

According to King, a series of activities will be held to raise awareness of business opportunities in Vietnam and Southeast Asia. Additionally, AUSTRADE will lead a business delegation to Vietnam in June, focusing on cybersecurity, financial technology, and agricultural technology partnerships.

Following the meeting, Mai met with representatives from four major New South Wales enterprises planning to invest in Ho Chi Minh City.

The enterprises acknowledged Vietnam’s development potential, young population, and skilled workforce as encouraging factors for their investment. They expressed interest in coordinating with Ho Chi Minh City in various sectors, including social housing, science and higher education, renewable energy, and electric vehicles.

The Ho Chi Minh City delegation is on a working visit to Australia from May 12 to 18, during which they are promoting cultural and artistic programs to introduce Vietnam and Ho Chi Minh City tourism.

According to the Australian Bureau of Statistics, Vietnam has been among the top 10 destinations for Australians in the first nine months of 2023. Additionally, a report by Skyscanner in November 2023 showed that Ho Chi Minh City is one of the most sought-after destinations for Australian tourists, with a 246% growth rate in the past year.

Skyscanner forecasts that Ho Chi Minh City will continue to be a top destination for Australian tourists in 2024.

Hannah Nguyen

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