Officials from Ho Chi Minh City met many American firms last week to promote investment in high-tech and the green economy in the city, as part of their trip to the United States to accompany State President Vo Van Thuong to attend the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week 2023 in San Francisco, California.

President Thuong returned to Hanoi on Sunday, concluding his four-day U.S. visit to attend APEC events and bilateral activities at the invitation of U.S. President Joe Biden.

Ho Chi Minh City chairman Phan Van Mai told a meeting with U.S. investors on Thursday last week that the city is moving toward green, sustainable growth, focusing on the digital, green economy, high-tech, and semiconductor development, according to the municipal Investment and Trade Promotion Center.

The city has been calling on foreign firms to invest in clean energy and green traffic projects, and get involved in developing a green Can Gio District, he said.

Mai also expected to access green credit and speed up green financing growth.

David Lewis, chairman and CEO at Energy Capital Vietnam, pledged to pour money into the innovation and green energy fields in Ho Chi Minh City.

Patrick Sweeney, vice-chairman of the Business Executives for National Security (BENS), an American nonpartisan, nonprofit organization, said that many BENS members expect to do business in the city.

They are mainly keen on such fields as technology, aerospace, defense, finance, healthcare, energy, design, and chip manufacturing.

The firms expressed their hope of helping the city upskill workforces in the above-mentioned sectors.

Meanwhile, Chris Ford, a member of President Biden’s Advisory Council on Energy, suggested Ho Chi Minh City should enhance its innovation programs to spur socio-economic expansion.

American firms believe that the city has enough potential to become Vietnam’s innovation hub, he said.

As per the lawmaking National Assembly's Resolution 98 on special mechanisms and policies for Ho Chi Minh City's development, projects on integrated-circuit manufacturing, design technology, chip production, and clean energy, with an investment capital of VND30 trillion (US$1.2 billion) or more each are entitled to various incentives and preferential policies.

During this working trip to the U.S., the city’s agencies and departments signed three memoranda of understanding with the Green Alliance to bolster its green, sustainable growth, build an innovation hub for private firms in the city, and apply artificial intelligence to transport and traffic.

The Green Alliance includes Energy Capital Vietnam, Saigon Telecom and Tech (Saigontel), Allotrope Partners and Maius.

Speaking at a meeting with the leader of Marvell, a global semiconductor producer, chairman Mai promised to create favorable conditions for the tech company to expand its operations in the city in the future.

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