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A worker at an electronics manufacturing factory in HCMC's Tan Thuan Export Processing Zone. Photo by VnExpress/Le Tuyet

The investments in the Ho Chi Minh City Export Processing Zones and Industrial Zones amounted to $1.012 billion last year— the highest value over the last 30 years.

Ever since the first industrial zone was established more than 30 years ago they have been able to attract annual investment of $480-500 million with a single exception of 2011 when $1 billion flowed into them.

The $1.012 billion invested last year in both new and existing businesses showed an increase of 84% from 2022.

It comprised close to $223 million foreign direct investments.

Based on the reports of HCMC Export Processing Zone and Industrial Park Authority (HEPZA) that takes care of EPZs and IPs in the city, the investment rose sharply last year due to the reason that a lot of companies — already operating — expanded their activities, especially those which are capital- and technology-intensive like high technology, mechanical manufacturing and telecom.

Technology was also a significant investment for companies in other fields to fine-tune their output, as well as with the city's industry restructuring plans through depleting labor-intensive sectors.

Ho Chi Minh City has 17 Export Processing Zones (EPZs) and industrial zones: currently operational — hosting almost 1,700 companies and providing jobs to more than 252,000 employees.

HEPZA aims at attracting an investment of $550 million by 2024.

It is now in the process of looking for lands where it can build Pham Van Hai Industrial Parks 1 and 2, transforming Le Minh Xuan Industrial Park 2 into a specialized pharmaceutical industrial park, and coming up with the high-rise factory model as an approach to enhance land utilization effectiveness.