Vietnam's Bình Định Province is actively seeking investment from Indian companies, with a particular focus on the technology and tourism sectors. The province recently held an investment promotion event that attracted executives from over 40 Indian corporations. Deputy Minister of Planning and Investment, Đỗ Thành Trung, highlighted the potential for further investment in Bình Định, as Indian companies have only invested $3.24 million in four projects thus far. There is room for growth in areas such as clean energy, information technology, healthcare, smart agriculture, and advanced technologies. Bình Định Province is already taking steps to become an AI hub by establishing a research, production, and expert training center in its capital, Quy Nhơn. The province has also signed a memorandum of understanding with the Indian consulate to collaborate on technology, healthcare, education, and tourism [058895fe].
This initiative aligns with Vietnam's broader focus on sustainable development and attracting high-quality foreign direct investment (FDI). The country aims to promote green growth and renewable energy, as well as improve transparency, infrastructure, and human resources to attract investment from the US and Europe. Vietnam's economy has shown resilience, with FDI maintaining growth momentum in the first quarter of 2024. The processing and manufacturing industry attracted the most capital, followed by the real estate business. In addition to the energy sector, the real estate industry is also experiencing growth, particularly in the industrial real estate segment. The rise in FDI flow and tax incentives contribute to the sector's strength. Vietnam's outbound investment is also on the rise, with the US market attracting the most investment. The mining sector and agriculture, forestry, and fisheries are the main areas of outbound investment. Overall, Vietnam's investment landscape is evolving, with a focus on sustainable development, renewable energy, and attracting high-quality FDI [54860d9a], [ce7a62c8].