Improving Trade and Investment Promotion in Evolving Landscape

As the global economy is undergoing strong transformation and restructuring, Ho Chi Minh City has made profound changes in its approach to and methods of trade and investment promotion. Specifically, the city has enhanced professionalism and efficiency and focused on high-tech fields, renewable energy and green economic development to raise investment quality and optimize resources. To find out more about this effort, our reporter has an interview with Mr. Tran Phu Lu, Director of the Investment and Trade Promotion Center of Ho Chi Minh City (ITPC).

How has trade and investment promotion been implemented to support socioeconomic development and investment attraction of Ho Chi Minh City in recent times?

With the continuous effort of the government, businesses and people of HCM City, ITPC has made profound changes in its approach and carefully prepared the content of the trade and investment promotion plan. Currently, the city is focusing on strategic directions to improve the quality of investment attraction and optimize resources, so ITPC defines potential investors from countries that have the comprehensive strategic partnership with Vietnam and countries that have signed free trade agreements (FTAs) with Vietnam as important factors of investment attraction. On that basis, the center has launched many programs to promote the image of Ho Chi Minh City, especially its development strategy to investors around the world. Every year, the center organizes government-business meetings in a bid to remove difficulties and obstacles and provide information on the investment environment for corporations and investors to explore opportunities in the locality.

Each year, Ho Chi Minh City hosts numerous trade events that connect domestic and international stakeholders, promoting investment and trade in the city

In the digital age, how does ITPC focus on supporting businesses to accelerate digital transformation and green transformation?

Advocating and adapting to greening and digitalization megatrends, ITPC has carried out many business support programs in HCM City through conferences, seminars, offline and online training on digital transformation and green transformation.

ITPC will continue to provide information on digital tools, AI application and data digitization of market information, industries, products and trade and investment partners in each market, and provide complete and accurate information for businesses, especially market trend forecasts.

ITPC is building a digital trade and investment promotion ecosystem to enhance trade promotion and investment attraction in the online environment. The center organizes training programs for capacity building, analyzes market information and fosters e-commerce skills for businesses. Training courses focus on improving product quality, building brands to meet market needs, supporting businesses to access green certificates, carbon credits and promote initiatives on biological and recycled products.

To effectively implement economic development tasks and ensure social security of Ho Chi Minh City, what are key goals and solutions of ITPC in 2025 and the following years?

With the “solidarity, responsibility, proactiveness and creativity” spirit, ITPC is determined to effectively implement the working theme for 2025: “Focus on arranging a streamlined - compact - strong - efficient - effective - well performing apparatus; promote digital transformation; implement Resolution 98/2023/QH15 of the National Assembly, fundamentally resolve existing local problems”. The center will concentrate on further enhancing the effectiveness of trade and investment promotion, join forces to keep Ho Chi Minh City to maintain its role as an economic ‘locomotive’ and achieve a double-digit GRDP growth rate.

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To achieve the above goals, trade and investment promotion will be directed towards supporting companies to remove difficulties and obstacles, diversifying export markets and expanding market share in traditional markets and creating breakthroughs in expanding new potential export markets, supporting companies in adopting digital transformation and green transformation and increasing added value and competitiveness of products, thus enabling the city’s green and sustainable economic development.

At the same time, ITPC will reform methods and diversify forms of trade and investment promotion. Specifically, regarding trade promotion, the center will focus on implementing direct trade connections among domestic enterprises and between domestic companies and foreign companies and between domestic companies and FDI companies. With respect to investment promotion, ITPC will center on contacting large investors and leading corporations in industries and fields in countries that are strategic partners of Vietnam to introduce local potential, connect them, and appeal for investment in key investment projects prioritized by the city. In the short and medium term, the center will focus on attracting investment capital from countries with high technology, source technology and leading supply chains such as the United States (semiconductor, science and technology, renewable energy, green growth and circular economy), Europe (science and technology, education, environment, renewable energy and high-tech agriculture), Japan (infrastructure, electronics, manufacturing, renewable energy and high-tech healthcare), South Korea (infrastructure and smart cities, high-tech electronics, semiconductors, new energy, research and development and innovation) and Singapore (green economy, digital economy, information technology, clean energy and green energy conversion, innovation, industrial and urban infrastructure, finance and real estate). Priority is given to forming and developing value chain-based industry clusters. In the long term, ITPC will attract investment from other countries in the Americas, Europe and Asia that are strong at R&D.

In addition, the center will foster information technology application and e-commerce to communicate, promote and introduce investment and business opportunities, introduce typical products and enterprises, increase opportunities to reach customers, and boost product consumption in domestic and foreign markets. It will strengthen cooperation with international organizations, Vietnamese trade counselors abroad, industry associations and international and domestic media agencies in organizing promotional activities and building a business database to serve promotional activities. It will improve the research effectiveness, provide market and product information for target markets, build communication programs to support companies in promoting Vietnamese-branded products, and build quality and reputable training and coaching programs to support companies in developing markets and enhancing product quality, competitiveness and product branding.

Thank you so much!

Cong Luan (Vietnam Business Forum)