HCM City calls for US investment in financial, infrastructure sectors

A delegation of Ho Chi Minh City led by Chairman of the municipal People’s Committee Phan Van Mai met with several enterprises of the US on July 18 - 19 as part of their ongoing working trip to the US.

At the meeting with the Bank of America (BOA) - the second largest bank in the US, Mai highlighted some of his city’s advantages for investors, including political and macro-economic stability.

As HCM City is the largest economic hub of Vietnam and working to develop itself into an international financial centre, it wishes to earn from the BOA’s experience so as to make appropriate moves. It also hopes investment funds and enterprises of the US will come to invest in such fields as finance, high-tech industry, digital transformation, infrastructure, education and health care, he said.

Madhu Kannan, Executive Vice Chair of Global Corporate and Investment Banking at the BOA, said his bank has decided to open a Vietnam branch based in HCM City, which will create many favourable conditions for investors when they come to the city.

However, the branch opening is lagging behind schedule to the COVID-19 pandemic, so the BOA hopes that local leaders will give support so that the branch will become operational soon.

In reply, Mai pledged to promote the branch opening, expressing his hope that BOA executives will visit HCM City in the near future to discuss cooperation.

During their visit until July 25, the Vietnamese delegation also had working sessions with the parties involved in the building of a financial centre and an innovative city in HCM City.

They met representatives of McKinsey & Company, a provider of management and strategy consulting services, which shared experience in managing and operating New York’s Financial District, and in combing a traditional financial centre with the model of a startup and innovation support centre, technology incubator and fintech ecosystem.

Talking to Sasaki Associates Inc., Mai said he hopes the company will coordinate with the HCM City Department of Planning and Architecture to make the general planning for Thu Duc city and share knowledge to help HCM City effectively tap into the banks of the Sai Gon River and land in the vicinity of arterial roads.

At the meeting with the KKR investment firm, the Chairman presented three transport projects in his city, namely a metro system, a railway network connecting localities in the HCM City region, and a railway linking HCM City with the Mekong Delta city of Can Tho.  

He called for KKR to invest in those projects, which he said are critical to the development of not only HCM City but also the entire southern region.