Ho Chi Minh City strengthens economic diplomacy to fuel growth
Instead of waiting for investors to come knocking, Ho Chi Minh City is proactively reaching out to major financial and technology hubs and large markets to identify the right partners for strategic projects.
Ho Chi Minh City is actively pursuing economic diplomacy to fuel its growth, moving away from a wait-and-see approach to engaging key players in financial and technology sectors. The city's international network is expanding, prompting a shift from simply promoting investment to mobilizing capital, technology, and knowledge. Recently, a delegation led by Nguyen Cong Vinh, Vice Chairman of the Ho Chi Minh City People’s Committee, invited major technology companies like Intel, NVIDIA, Qualcomm, and Marvell Technology to assist in building an ecosystem for a Strategic Technology Development Center.
This center seeks to attract capital and strategic resources in AI, semiconductors, data centers, R&D, and talent, as well as foster connections between tech corporations and educational institutions. Rather than merely presenting what the city offers and waiting for investors, Ho Chi Minh City is identifying gaps in the ecosystem and seeking partners to fill them.
The city currently maintains relations with 88 foreign localities and nearly 20 international partners. External relations and integration are increasingly recognized as direct drivers of development, according to Nguyen Loc Ha, Standing Vice Chairman of the Ho Chi Minh City People’s Committee. During recent engagements, the city has called for dedicated focal points to monitor and support proposals, ensuring they translate into tangible results.
Companies like Marvell Technology and Qualcomm have shown interest in expanding their operations and joining the Strategic Technology Development Center, opening opportunities in digital infrastructure, fintech, and innovation. Foreign investment in Ho Chi Minh City has surged, with more than US$9.8 billion attracted in the first seven months of 2026 alone.
However, the true value of economic diplomacy lies in its ability to transform the city's international network into a long-term resource for growth. Le Truong Duy, Director of the HCMC C4IR, emphasizes that while the city has built a robust network of international relations, the challenge now is to convert these ties into economic resources and advantages.
The 2026 Autumn Economic Forum, scheduled for October 2026, will bring together international corporations, experts, and investment funds to discuss these strategies. Dr. Can Van Luc, an economist, stresses that proactively seeking external resources must be paired with strengthening the economy's capacity to absorb them. As external resources grow, so do the demands on domestic capacity.
When effectively absorbed, R&D centers can bring in technology and skilled labor; major corporations can create opportunities for domestic businesses to join supply chains; and new markets can become sources of orders and production capacity, turning external resources into the city's "soft internal strength."
Written by urgent.news from SGGP English Edition Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
