Economic status of Ho Chi Minh City
Throughout the recent years, Ho Chi Minh City has really grown in the economic and business sector. More and more companies are interested in the city because of the opportunity for markets, the cheaper labor, and for the opportunity that investing abroad means.
Transnational corporations have been heavily settling and investing in Ho Chi Minh City because of these opportunities. Mass migrations from the countryside to the city have occurred within Vietnam for the search of jobs in these companies. Something that has grown in support and popularity have been the electronic industry in Ho Chi Minh City.
The growth in Human Capital within the city has allowed for this and now more than ever, Ho Chi Minh City has experienced a very rapid and vast industrialization. Corporations are drawn to the city because of the increase of highly skilled workers like engineers and businessmen.
With so many TNCs (Transnational Corporations) now settling in the city urbanization in Ho Chi Minh City has also increased along with economic, and population growth. The city is now regarded as a Global City because of these factors along with the rapid industrialization that still continues and has made the city so competitive in the eyes of the rest of the world.