Ho Chi Minh City, Vietnam’s largest economic driver, will set up a Japan desk this year to support Nippon investors in anticipation of a strong investment wave from the Northeastern Asian country, according to the city’s website and Saigon Times newspaper.
The city is targeting investors from other five major markets namely the U.S., Canada, New Zealand, South Korea, and Australia in 2016 as the country is seeking to reduce economic reliance on China.
Hi-tech agriculture, supporting industries and infrastructure will be on its list of top priority for foreign investment attraction.
Foreign capital inflow into the city reached $3.32 billion in 2015, accounting for 14.6% of total foreign direct investment (FDI) of the whole country. Of the amount, foreign investors poured $1.5 billion in real estate, the largest value over the past five years, data of the Ministry of Planning and Investment showed.
According to the local government, the city has granted investment licenses to as many as 5,783 FDI projects worth nearly $39 billion since 1988, with Singapore, Malaysia, the UK and South Korea being the biggest players.
Vietnam and other 11 Pacific Rim countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and the United States are expected to sign the Trans-Pacific Partnership (TPP) agreement next month. Vietnam is said to be the biggest winner from the mammoth trade deal.