The Hanoitimes - Ho Chi Minh City is present on the list of Asia’s most enterprising cities and is home to large clusters of services, engineering, finance and retail firms, and strong creative industries, according to JLL, a leading firm that specializes in real estate and investment management.
Ho Chi Minh City is pulling in increasing amounts of investment from large multi-national technology corporations, including Microsoft, LG, Intel and, most notably, Samsung. It’s also the base of Vietnam’s only tech unicorn - the VNG Corporation.
It is also undergoing rapid real estate development amid increasing demand for office, retail and hotel space, with a new metro system also under construction.
Ho Chi Minh City.
Vincom Landmark 81, the tallest building in the city as well as Vietnam, is due to open later this year, while the Thu Thiem New Urban Area, a 657-ha site east of the Saigon River, is earmarked to be the new financial district.
Ho Chi Minh City is also in a prime position to benefit from wider national growth. Vietnam is one of the world’s fastest-growing countries, with a large, youthful and increasingly-educated workforce that meets its future talent needs.
Other cities listed include Bangalore in India, Shenzhen in China, Taipei in Taiwan, Guangzhou in China, and Kuala Lumpur in Malaysia.
Increasingly, cities in emerging economies are becoming key hubs in global networks of innovation and referred to as “Enterprisers”, according to Jeremy Kelly, Director of Global Research at JLL.
“This group of business and enterprise hubs are major places of opportunity and magnets for workers in their country and the wider region. Usually specialized in higher-value activities, as well as manufacturing, they are among the largest cities in their national economy and have exploited their business climate advantages in recent years,” said Kelly.
They’ve been among the world’s most dynamic real estate markets in recent years and are increasingly on the radar of international real estate investors, he added.
Ho Chi Minh City recorded expanding foreign direct investment (FDI) in the first five months of 2018 thanks to effective trade and investment promotion activities, according to the municipal Department of Planning and Investment.
During the period, 330 projects worth US$393.92 million received investment registration certificates, up 16.6% in the project number and 14.7% in investment capital from the same period last year.