Ho Chi Minh City confidently catches up with new global business models

Chairman of Ho Chi Minh City People's Committee sends city's message to international investors - Photo: HK

This is the first year the event is held in Vietnam after successfully taking place in Singapore and Indonesia in previous years.

With the theme "ASEAN: Crossroads of World Economic Integration", this year's event gathered more than 600 guests including experts, business leaders, trade partners from ASEAN countries, China, Hong Kong and representatives of agencies and sectors in Vietnam.

Ho Chi Minh City catches up with new development model trends

Sending a message from Ho Chi Minh City to international investors and businesses, Mr. Phan Van Mai, Chairman of Ho Chi Minh City People's Committee, affirmed that the city always pursues the trend of peace, integration and development with partners even in the context of many fluctuations in the world.

Mr. Mai said that Vietnam has a high economic growth rate in the region and that ASEAN and Vietnam growth will continue to be high in 2024. UOB also forecasts positive growth for Vietnam at 6% in 2024, recovering from 5% in 2023, making Vietnam one of the fastest growing economies in ASEAN.

Recently, the world's geopolitical picture has undergone many changes, leading to the restructuring of the global supply chain. Along with that, the global business model has also changed significantly with new consumer habits and behaviors, green tourism associated with safe and friendly destinations.

Digital economy, circular economy, green economy are the development models of many countries. This is both an opportunity and a challenge for developing economies.

"HCMC, with its tradition of dynamism and creativity, is also striving to keep up with trends and confidently affirming its position as an economic - cultural - social center, an economic locomotive, and a growth pole of the Southeast region as well as the whole country," Mr. Mai affirmed.

When asked the question "What do partners coming to Ho Chi Minh City or the Southeast region need?", Ho Chi Minh City leaders said that the investment environment, market potential, ability to join the logistics chain as well as the adaptability of the investment environment will be important factors.

Ho Chi Minh City contributes up to 16% of the country's GDP and 26% of the national budget. With this role, the city enjoys a policy mechanism that is superior to the national institutional level, which is favorable for attracting strategic investors in a number of fields of innovation, technology, etc.

Businesses and investors in the region are present in Ho Chi Minh City to attend the conference, the first to be held in Vietnam - Photo: HK

Investors are turning to Vietnam

Also at the conference, Mr. Victor Ngo, General Director of UOB Vietnam, shared the commitments of this financial institution in the Vietnamese market. That is to create a support system, connect the government, build an ecosystem to support Vietnam and ASEAN to develop business, raise the vision as well as direct foreign investment capital into the region.

“As businesses increasingly look to Southeast Asia and Vietnam for expansion, it is important to ensure our region remains globally competitive and conducive,” said Victor Ngo.

Mr. Wee Ee Cheong, deputy chairman and CEO of UOB Bank Singapore, said three factors are driving the region’s continued growth. These include: government policies that facilitate cross-border business activities; the trend of decentralizing supply chains that helps boost trade; and industries that promote the green economy.

Singapore is the leading investor in Ho Chi Minh City.

According to Chairman of Ho Chi Minh City People's Committee Phan Van Mai, Ho Chi Minh City currently has 125 countries investing in 13,000 projects with a total investment capital of 90 billion USD, of which Singapore is a major investor with more than 2,000 projects. Through this event, Ho Chi Minh City as well as the Southeast region welcomes investors. It is expected that Ho Chi Minh City will sign a strategic cooperation agreement with UOB, which will become an attractive channel for international investment capital into Vietnam as well as Ho Chi Minh City.

Source: https://tuoitre.vn/tp-hcm-tu-tin-bat-kip-cac-mo-hinh-kinh-doanh-moi-cua-toan-cau-20240906104324272.htm