Speaking at the meeting, Hoan said that the two sides need to increase exchanges and connections to seize opportunities for further development.

Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan (third, from left) receives US Senator from Indiana state Todd Young (fourth, from left) on March 29. (Photo: VNA)

Hoan said that Vietnam and the US are important economic and trade partners of each other. Since the two countries upgraded their relations to a comprehensive strategic partnership, many US business delegations and congressmen have come to Vietnam, particularly Ho Chi Minh City, which shows the US business community’s interest in the southern metropolis.

Hoan said that HCM City is a major economic hub, contributing 27% of the country’s budget. The city is thriving strongly towards green growth and digital transformation, developing new industries and applying high technologies.

It has many favourable conditions for developing high-tech industry, for example, its high-tech parks are planned to expand by 600 ha to attract investors into semiconductors and electronic chips. With more than 60 universities and 10 international schools, the city’s human resources can meet the requirements when it develops new and high-tech industries.

In addition to the Government's support policies, the city has its special mechanism with attractive incentives on land, corporate income tax, and personal income tax to attract strategic investors. Investors in the high-tech industrial sector are also facilitated with simple investment procedures, Hoan said.

For his part, Senator Young spoke highly of HCM city's achievements and sustainable development orientations.

He said Indiana state is prioritising the development of high-quality industrial production, agriculture, food, and education sectors. In the context that the relationship between Vietnam - US relations has been elevated to a new height, there is a lot of cooperation potential for the two countries' localities.

Indiana is a friendly, open state and is ready to connect with other countries through investment and trade activities, he said, adding that it is strong in education and health, research and development, and technology transfer.