HCM City (VNA) - The recent influx of US businesses actively pursuing investment opportunities in Ho Chi Minh City signals a growing wave of high-tech investment flowing into Vietnam’s economic powerhouse.
US enterprises propose a series of projects
A high-level delegation from the US’s Trump Organisation recently met with the city’s leaders and conducted a fact-finding tour to the Thu Thiem area to identify a suitable location for the proposed Trump Tower project - a complex consisting of a shopping centre, luxury apartments, a five-star hotel, and offices for lease.
Since the beginning of 2025, HCM City has welcomed and held working sessions with numerous US companies coming to seek investment opportunities and propose projects. According to the Management Board of the Saigon Hi-Tech Park (SHTP), over 10 delegations of domestic and foreign investors, many of them from the US, have visited the park so far this year. Notably, Omega is interested in the semiconductor sector, while Quantum Systems is exploring opportunities in biotechnology.
Recently, numerous US enterprises have proactively proposed large-scale projects in the city. For instance, Smart Tech Group has submitted a proposal to the municipal People's Committee to invest in a battery production plant for power storage on an area ranging from 10 to 50 hectares, with a total estimated investment of 340 to 850 million USD. The company hopes to launch the project in 2025 or as soon as land is allocated.
Notably, the data centre sector, the SHTP has become a focal point for US technology firms. Evolution Group, a subsidiary of investment fund Warburg Pincus, has proposed a 36 MW data centre project with a total investment of approximately 305 million USD. Meanwhile, Eaton Corporation has also submitted a proposal to the municipal People's Committee to develop a data centre at the park.
In addition to receiving visiting delegations, from May 20 to 22, the SHTP Management Board conducted investment promotion activities in the US to introduce the city’s investment environment and incentives, particularly targeting potential investors in high-tech sectors.
A “golden” opportunity, but readiness needed
In the wave of US business investment into HCM City, the presence of NVIDIA - a global giant in the artificial intelligence (AI) industry - is particularly noteworthy. Following three rounds of meetings with the city in 2024, both sides are now finalising a comprehensive cooperation plan. Key areas include the establishment of an R&D centre branch in the city; AI workforce development; implementation of the Jen-Hsun Huang Scholarship Programme; AI training programmes; and the construction of a high-performance computing centre and a Centre of Excellence (CoE) for AI.
According to the municipal Department of Science and Technology, the official signing of the cooperation agreement between HCM City and NVIDIA is expected to take place in early June, with the attendance of senior representatives from NVIDIA.
The continuous influx of investment proposals from US technology corporations is a positive signal, demonstrating HCM City’s strong appeal to high-quality capital, especially in technology and real estate sectors. However, to fully capture this new wave of investment, the city needs to continue improving the investment environment, upgrading infrastructure quality, and particularly enhancing the training of high-quality human resources - a key factor for advanced technology industries such as AI, semiconductors, and clean energy.
Through discussions with US investors, Professor Le Trong Thuy, Department Chair of Electrical Engineering Department at the US’s San Jose State University, noted that compared to many other localities in Vietnam, HCM City has greater advantages in terms of a specialised workforce, convenient transportation infrastructure, and a better investment environment.
Nevertheless, the ability to supply human resources meeting required standards remains a concern for US companies, Thuy said, adding that if HCM City can provide well-structured and professional training for its workforce to meet enterprise demands, it is highly likely that US investors will choose the city as their destination for investment in the semiconductor industry./.
VNA
