LIST OF FOREIGN-INVESTED ENTERPRISES IN HCM LATEST 2023

LIST OF FOREIGN-INVESTED ENTERPRISES IN HCM LATEST 2023

Ho Chi Minh City, as the largest and most developed economic center in Vietnam, attracts a large number of foreign-invested companies. These businesses are diverse in industries, from industrial sectors to services and technology, creating a unique and multicultural international business community. These companies not only bring with them strong financial resources, but also offer modern management methods and international standards. This not only promotes the development of businesses but also creates a healthy competitive environment, promotes innovation and improves the quality of products and services. In addition, the presence of foreign-invested companies also actively contributes to the training and development of high-quality human resources for the locality. This enhances the quality of labor and creates new career opportunities for the local community, contributing to the prosperity and sustainability of the city. So what is the current situation of foreign investment in Ho Chi Minh City, and which foreign-owned enterprises are present in Ho Chi Minh City, find out in the article below.

Foreign investment situation in Ho Chi Minh City

Total investment capital

In spite of not in the top 10 provinces attracting the most foreign investment, Ho Chi Minh City still receives FDI from abroad into the city. Data from Ho Chi Minh City Statistics Office HCMC said that by August 20, total foreign investment in the city was US$1.9 billion, meaning a decrease of 27.2% over the same period. Of the total foreign capital invested in the city, 762 new projects were licensed, with registered capital reaching US$390.4 million, marking a significant increase, of 59.1% in the number of projects and 26.2% in capital over the same period earlier.

Advantageous

• Technology and infrastructure development: Ho Chi Minh City has set a target to attract foreign investment (FDI) with priority in the fields of high technology, digital platforms, and digital technology. This orientation aims to develop and apply technology to actively participate in the Industrial Revolution 4.0, especially in areas such as semiconductor microchips, new energy, biotechnology, renewable energy, and environmental protection. Many new decisions have been made, including Resolution 98, which is expected to open up new opportunities and create momentum for a new wave of FDI in Ho Chi Minh City in the coming time. Ms. Ho Thi Thu Uyen, External Affairs Director of Intel Corporation and Head of Ho Chi Minh City Hi-Tech Park Business Association, said that when Resolution 98 was implemented, many issues related to administrative procedures in the investment process were resolved. Specifically, points such as construction procedures, fire protection, reinvestment in road infrastructure, electricity, health … Ho Chi Minh City has established a separate working group to focus on solving problems, in order to help businesses have peace of mind when investing, expanding production and business.
• High income makes for high willingness to spend
• Tax incentives: Corporate income tax is usually applied at a rate of 25%. However, according to relevant legal provisions, in some industries that are encouraged and preferential for investment, investors may enjoy certain income tax incentives, as follows:

• The incentive can range from 10% to 20% and is applicable for a period of 15 to 30 years, or for the entire project duration.
• The corporate income tax exemption period can be up to a maximum of 4 years
• The tax reduction period (50%) can be extended to a maximum of 9 years.

Difficult

• Crowded land: Although Ho Chi Minh’s infrastructure developed, over time, the infrastructure was degraded, many places were not repaired. Moreover, the large population also makes businesses that want to set up production facilities also have to hesitate, and have to choose neighboring provinces to invest in instead of Ho Chi Minh City. Ho Chi Minh City

• High competition: Foreign capital companies not only have to compete with other foreign capital competitors in Ho Chi Minh, but also with domestic enterprises, especially long-standing enterprises with prestige and a certain market share in the market

• Tax incentives may not bring much benefit: Vietnam is one of the countries participating in the global minimum tax program Therefore, in 2024, Vietnam will have to impose a minimum tax of 15% tax on businesses with a global turnover of 750 million euros or more. Therefore, large enterprises that have been investing in Ho Chi Minh City will also be affected and will not receive the incentives that Vietnam used to provide them.

List of foreign-owned companies in Ho Chi Minh City updated in 2023

Siglaw Law Firm

Phone: (+84) 961 366 238

Email:

• vphn@siglaw.com.vn
• vphcm@siglaw.com.vn

Headquarters: Floor 12A Sao Mai Building, 19 Le Van Luong Street, Nhan Chinh Ward, Thanh Xuan District, Hanoi City.

Southern branch: No. 99 Cong Hoa, Ward 04, Tan Binh District, Ho Chi Minh City.

Central branch: 177 Trung Nu Vuong, Hai Chau District, Da Nang City

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