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A high-level delegation from the Trump Organization (USA) recently met with Ho Chi Minh City officials and conducted a site survey in the Thu Thiem area to identify a suitable location for the Trump Tower project—a complex featuring a shopping mall, luxury apartments, a five-star hotel, and office space for lease.

Since the beginning of 2025, Ho Chi Minh City has hosted and worked with numerous U.S. enterprises exploring investment opportunities and proposing projects. Data from the Management Board of the Ho Chi Minh City Hi-Tech Park (SHTP) indicates that the park has welcomed over ten delegations of domestic and foreign investors—including many from the U.S.—seeking investment prospects. Notably, Omega has shown interest in the microchip sector, while Quantum Systems is exploring investments in biotechnology.

Recently, several U.S. companies have also proactively proposed large-scale projects in Ho Chi Minh City. For instance, Smart Tech Group submitted a proposal to the City People's Committee to build an energy storage battery manufacturing plant spanning 10 to 50 hectares, with an estimated total investment of $340 million to $850 million. The company aims to launch the project in 2025 or immediately upon receiving the land handover.

In particular, the data center sector within the Hi-Tech Park has become a focal point for investment by U.S. technology corporations. Evolution Group (an affiliate of the investment fund Warburg Pincus) has proposed a 36 MW data center project with a total investment of approximately $305 million. Meanwhile, Eaton Group has also submitted a proposal to the City People's Committee to invest in a data center at the Hi-Tech Park. Beyond hosting delegations exploring investment opportunities, the SHTP Management Board conducted a direct investment promotion trip to the United States from May 20 to 22, 2025. The mission aimed to showcase the investment climate and incentive policies to potential investors, particularly in the high-tech sector.

A "Golden" Opportunity Requiring Readiness

Amid the wave of U.S. corporate investment in Ho Chi Minh City, the presence of NVIDIA—a global giant in the artificial intelligence (AI) industry—stands out. Following three rounds of discussions with the city in 2024, both parties are finalizing a comprehensive cooperation plan. Key initiatives include establishing an R&D branch in Ho Chi Minh City, developing the AI ​​workforce, launching the Jen-Hsun Huang scholarship and AI training programs, and building a High-Performance Computing Center and an AI Center of Excellence (CoE).

According to the Ho Chi Minh City Department of Science and Technology, the city and NVIDIA are expected to officially sign the cooperation agreement in early June 2025, with high-ranking NVIDIA representatives in attendance.

Assessing the potential for investment cooperation in Ho Chi Minh City, Mr. Keith Strier, Vice President at NVIDIA, noted that the city possesses the necessary conditions to develop its AI technology sector. Notably, the Vietnam National University, Ho Chi Minh City, has the capacity to train the workforce required for the AI ​​industry.

"In addition to human resources, the City boasts an ecosystem of enterprises operating in the information technology and semiconductor sectors that are capable of immediately entering this industry," Mr. Strier emphasized, affirming NVIDIA's confidence in the potential of Vietnam's economic powerhouse. The flurry of investment proposals from U.S. technology corporations serves as a positive signal, demonstrating the City's strong appeal for high-quality capital inflows, particularly in the technology and real estate sectors. However, to capitalize on this new wave of investment, Ho Chi Minh City must continue to refine its investment climate, upgrade infrastructure, and—crucially—strengthen the training of a high-quality workforce. A skilled workforce is a pivotal factor for high-tech industries such as AI, semiconductors, and clean energy.

Based on his interactions with U.S. investors, Professor Le Trong Thuy, Head of the Department of Electrical Engineering at San Jose State University (USA), observes that Ho Chi Minh City holds distinct advantages over other localities in Vietnam. These include a pool of specialized talent, convenient transport connectivity, and a superior investment environment.

Nevertheless, the ability to supply a workforce that meets required standards remains a primary concern for U.S. companies investing in Vietnam. "If Ho Chi Minh City implements systematic, professional training to supply the workforce that businesses need, there is a high probability that U.S. investors will choose the city as a destination for investment in the microchip industry," Professor Le Trong Thuy emphasized.

 

Le Quan

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