FDI inflows to HCM City increased more than 2.5-fold year-on-year in the first four months of 2020, reaching some 66 million USD despite the adverse impact of the COVID-19 pandemic. Most local foreign-invested enterprises remain in operation.

Global FDI flows are expected to be redirected following the pandemic. To catch this new wave of investment, Saigon Hi-tech Park has been expanded and also targets innovative and R&D projects rather than manufacturing projects.

Experts have said that HCM City should prepare a detailed roadmap and strategies for attracting foreign-invested enterprises, which must take into account the well-being and development of domestic enterprises.

The redirection of investment flows opens up huge opportunities for HCM City in particular and Vietnam in general. It also entails certain risks, however, unless projects are carefully selected. Insiders have therefore advised local authorities to carefully weigh up the pros and cons of each FDI project prior to granting approval./.VNA