During the event, hosted by the Vietnam International Arbitration Centre and Ho Chi Minh City International Integration Support Centre, head of Saigon Hi-tech Park Nguyễn Anh Thi suggested the city consider foreign investment attraction as a means instead of " a salvage" to improve domestic capacity.

The city should also identify foreign investors as ones with sufficient capital capacities, but also those capable of helping improve domestic technological capacity, Thi said, adding that top priority should be also given to attracting foreign investors who can participate in developing ecosystem chains to create a competitive advantage for the city.

Head of the Institute for Brand and Competitiveness Strategy Võ Trí Thành said Việt Nam in general and HCM City in particular has enjoyed an unprecedented opportunity to attract foreign businesses, especially quality ones.

The southern city must pioneer in building institutions and luring strategic investors, Thành said, adding that the goal of attracting investment must shift from maximising quantity to optimising quality, connecting the front and back, spreading technology and skills, ensuring sustainable development, increasing the participation of local businesses into the supply chain.

HCM City is now leading the country in terms of a valid number of foreign investments with 12,520 projects worth US$57.64 billion.

In 2023 alone, the city lured $5.85 billion worth of foreign investment, up 48.5 per cent year-on-year.

Besides, the disbursed capital was estimated to reach nearly $1.5 billion, an increase of 10 per cent over the same period of 2022.

Notably, in the first two months of 2024, the city led the country in terms of the number of projects, capital adjustment, capital contributions and share purchases.

Late last year, the city approved its foreign attraction plan for the 2023-25 period with a vision to 2030. Under the plan, it expects to attract more than 50 high-tech projects by 2025 with a total investment capital of at least $3 billion.

Priority will be given to multinational corporations who join ventures with domestic enterprises to form and develop clusters in value chains. — VNS