4 cities in Vietnam that are attractive for investment

When talking about Vietnam, it is impossible to ignore an economy that is growing steadily every year, according to the Ministry of Planning and Investment as of the end of May 2022. Vietnam currently has 34,989 foreign investment projects spread across 48 cities, especially the four major cities that are attracting investors' attention as the most popular investment cities. Today we will take you to know those cities and find answers before investing. What makes Vietnam one of the countries that drive the economy despite the hurdles of COVID-19?

1. Hanoi  

The capital has an area of ​​approximately 3,345 square kilometers (After merging neighboring provinces into the new capital Hanoi on August 1, 2010). The population of 10 million people is located at the Red River Delta with many rivers flowing through Hanoi. It is the center of the country's administration and trading business in the north. It has Noi Bai International Airport in the Soc Son district and two ports with access to Haiphong Port which makes it convenient for travel and business dealings.

In terms of development, the Vietnamese government emphasizes investment in three key economic sectors, namely service business, tourism and high-tech industries. The development relies mainly on the resources available within Hanoi for sustainable development. It will also stimulate significant business expansion over the next 10 years. The first goal of the Vietnamese government is to upgrade Hanoi to another important Vietnamese banking and financial center in Xuanma District. (Xuan Mai) who stands out in service business and supporting industries. It will also accelerate the push to make Hanoi a leading center of education in the country. Because there is a district in Hoa Lac that is focusing on science, technology and training. At the same time, it will maintain the old culture of Hanoi with more than 1,000 years in tourism development. The government will target Hanoi as a major tourist destination in North Vietnam in the Son Tay region, a major tourist destination in Hanoi. Developments in industries that support major industries such as electronics and machinery, electrical appliances, light industry, information technology industry, etc.

2.  (Ho Chi Minh)

The major city is the most important economic birthplace and trade gateway of Vietnam. With a population of over 9 million and accounting for nearly a quarter of the country's GDP. Amid the COVID-19 pandemic, Vietnam's economic metropolis, Ho Chi Minh City, continues to grow strongly. Despite being the former capital of Vietnam, but Ho Chi Minh City is also a center for business, trade and services of import-export investment, especially in promoting startups, e-commerce centers, and financial technology (Fintech) entrepreneurs.

The expansion of industrial estates benefiting from immigration from China in the wake of the US-China trade war. This further reinforces the success of attracting investment in large industrial estates such as Quang Trung Software Park and Saigon High-Tech Park (SHTP), which are preparing to expand the area to accommodate increased investment. The Vietnamese government therefore uses the opportunity to build on to push forward a new smart city innovation zone in the eastern part of the city, known as the new urban area or "Thu Duc City" to drive the economy. Including being the financial center of the region like Singapore or Hong Kong, Ho Chi Minh City is also an international hub of science, technology and telecommunications, with Tan Son Nhat International Airport and Saigon Port, the country's largest port.

3. Da Nang

Da Nang is central Vietnam's economic and social development center where have the marine economy industry and tourism which are important industries. That makes Da Nang a city of processing industry and seafood in fishery logistics services. As Da Nang is a big city with a lot of investment and tourism, many hotels, resorts, restaurants and attractions to welcome both domestic and international tourists. However, tourism routes often link tourism with neighboring provinces such as Da Nang City - Hoi An City, Quang Nam Province or Da Nang City - Thua Thien Hue Province.

Da Nang is also part of the Smart Cities Network with 26 other ASEAN cities (ASEAN Smart Cities Network (ASCN), creating 6 general investment industrial estates: Da Nang Seafood Service Zone, Da Nang. Industrial Zone, Lien Chieu Industrial Zone, Hoa Cam Industrial Zone and Expanded Hoa Khanh Industrial Zone. There are also industrial estates that support high-tech industries such as Software Park, IT Park and Hi-Tech Park.

Recently, the new policy of Da Nang has been revealed that it is important to support entrepreneurs in the supporting industry to become suppliers. For domestic and foreign customers whom the industry supports, it is an industry that produces inputs or services to the main industry, important for development national economy and create a higher overall added value of industries such as machinery and agriculture besides the above Da Nang's new policy also encourages investment in supporting industries, ready to support businesses in developing E-Commerce websites, building and promoting brands. Apply a management system that meets the standards of the global production chain. Training and development of human resource quality in accordance with supporting industry standards and transfer technology and innovation in the production of products in supporting industries. It also encourages entrepreneurs about the cost of infrastructure, ready to protect the environment and disseminate information about the supporting industry every year.

4 . Hai Phong

Haiphong is a rising star city in Vietnam, notable for its location close to China. It is suitable for transportation and doing import-export business. It has been called "City of the port" due to the construction of large ports. There is a shipbuilding industry. Dinh Vu Port is the first port in Haiphong port capable of handling 20,000 tons vessels and is located on three North-South Economic Corridor routes, making it highly developed in industry, investment and trade. The Tan Cang Port Infrastructure Investment Project has also increased the attraction of domestic and foreign investors to develop Dinh Vu Industrial Estate and Haiphong Port under the motto "Strength in the Sea. create prosperity from the sea” in these many years.

In addition to being outstanding in the port, it is also a high-tech industrial city, especially in An Hai, an Industrial Zone. It focuses on producing products for domestic distribution, with 325 locations and the largest number of economic zones which produce electronic products and electrical appliances, machinery and automotive parts. There are gems and jewelry. including plastic products.

As a result, Vietnam has become a country chosen by investors from foreign companies as a production base.

From the analysis of the Office of International Trade Promotion in Ho Chi Minh City, three factors and the main reasons why Vietnam is the leader in economic development have been summarized.

The first reason is because Vietnam has a stable government with the communist socialist regime which plays a role in determining the direction of the country's administration in all aspects. That makes management run smoothly and emphasis on economic development and investor understanding. It also has abundant natural resources. It is the 3rd largest crude oil exporter in Southeast Asia. Finally, it has developed good transportation routes to meet the needs of investors in land, water and air transportation to be more convenient and modern

All of these is the factor that why many major cities in Vietnam lead the economy. This may lead to decision making for entrepreneurs and investors. Let's know that Vietnam is one of the most attractive and attractive investment options in Asia and may be an opportunity for you to trade and be part of the future.

Customers interested in doing business in CLMV or the Great Mekong Subregion (GMS) countries include Cambodia, Laos, Myanmar and Vietnam, Siam Commercial Bank has foreign branches that are ready to take care and provide services. Please contact https://www.scb.co.th/en/corporate-banking/international-network.html

Thank you for good information from: Siam Commercial Bank Ho Chi Minh City Branch https://www.scb.co.th/vn/corporate-banking.html


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