The event was organized by the Ho Chi Minh City People's Committee and the Investment and Trade Promotion Center of the city.

Speaking at the forum, Vice Chairman of the People's Committee of Ho Chi Minh City, Vo Van Hoan, said that the cooperation between Vietnam and China in general, especially with the Greater Bay Area (GBA), continues to record strong development in various fields, particularly in economics, trade, investment, and tourism.

Vietnam continues to be the largest ASEAN trading partner of China and the fourth largest in the world, after the US, Japan, and the Republic of Korea. China is the largest import market and the second-largest export market for Vietnam in the world.

In the first 11 months of 2024, China continued to be one of the largest foreign investors in Vietnam and ranked third among the countries and territories with a total investment of over US$3.61 billion, accounting for 11.5 percent of the total investment, up 11 percent compared to the same period in 2023.

China invested most in manufacturing, renewable energy, and real estate. The increase in investment from China brings many opportunities for Vietnam but also presents challenges in terms of competition and capital management. According to the Ministry of Planning and Investment, Ho Chi Minh City is now home to the most number of investment projects from China, 731.

According to Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan, HCMC's projected GRDP growth is approximately 7.17 percent in 2024, contributing 27 percent of the nation's total. With a population of around 10 million and a growing middle class, the southern metropolis is a potential market for foreign businesses, including Chinese enterprises. The two sides have significant potential to cooperate in many fields such as finance, the green economy, science and technology, import-export, e-commerce, manufacturing, logistics, agricultural products, and food.

He emphasized that Ho Chi Minh City will create favorable conditions for Chinese businesses to invest and develop sustainably in the city.

Dr. Jonathan Choi, Chairman of the Chinese General Chamber of Commerce of Hong Kong, said that the forum attracted 60 businesses from the Greater Bay Area to learn about the business and investment environment and seek cooperation opportunities. Ho Chi Minh City and neighboring provinces such as Dong Nai, Binh Duong, and Ba Ria-Vung Tau in the Southern region are currently attractive destinations thanks to their strategic location, developed transportation infrastructure, and abundant workforce. The region has strongly attracted FDI flows in sectors such as industrial manufacturing, high-tech, logistics services, and renewable energy.

The Vietnamese Government and local authorities are actively implementing various investment incentive policies, improving the business environment, and supporting enterprises, contributing to strengthening the confidence of international investors. The increase in the number of projects and the scale of FDI capital has continuously created a driving force for the sustainable economic development of the region, Mrs. Tran Thi Hai Yen, Director of the Investment Promotion Center—Southern Vietnam, under the Ministry of Planning and Investment, said.

At the forum, there were more than 15 direct business connection sessions, focusing on the fields of industrial infrastructure development, financial services, and trade manufacturing.

Source: SGGP News