Ho Chi Minh City is calling for Indian investment in the hi-tech area with the aim of becoming a science and technology center and a strong “locomotive” for industry to develop, supplying high-quality electronic and semiconductor circuit products to domestic and foreign partners.

“The city is seeking investors in three research and development projects, four hi-tech production projects, and one hi-tech service project, with total minimum investment capital in these project categories being $35 million, $180 million, and $300 million," Deputy Director of the Ho Chi Minh City Investment and Trade Promotion Center Ho Thi Quyen told the Ho Chi Minh City - India Business Forum on November 21.

“Ho Chi Minh City sees huge potential in cooperating with Indian partners and expects the country will continue to create favorable conditions for businesses from both sides to meet, exchange opportunities, and advance cooperation in key areas, including trade, tourism, science and technology, healthcare, and education, among others,” Ms. Quyen said.

Ms. Sunaina Khanna, Assistant Vice President of Invest India, said the country is one of the five largest economies in the world, with GDP standing at $3.75 trillion in 2023 and export turnover $770 billion.

It is estimated that, by 2030, India’s digital economy will reach $800 billion. With 357 million consumers under 30 years of age, it represents a huge consumer market that exporting countries, including Vietnam, can take advantage of for development, she added.

With over 400 investment projects and capital of more than $1 billion, India is currently ranked 26th among 141 countries and territories investing in Vietnam.

As of October, it had 237 investment projects in the southern city with total capital of more than $131 million, ranking it 23rd among 120 countries and territories.