Introduction
Competition for foreign investment among cities is shifting from a contest of factor prices to a contest of digital infrastructure ecosystems. In recent months, Ho Chi Minh City has successively unveiled multiple billion-dollar data center and digital finance projects, which are seen as landmark events in the reshaping of its urban investment brand. However, what truly deserves attention is not the investment amount itself, but the new communication logic behind these projects: how can a city send upgrade signals to global investors through large-scale projects? Why has the traditional investment attraction narrative failed? Drawing on Ho Chi Minh City's practice, this article analyzes the transformation path of city investment brand communication and distills a reusable methodological framework for practitioners.
I. The Failure of Old Narratives: The Predicament of Urban Investment Promotion Communication
Over the past decades, urban investment promotion communication in most developing countries followed a well-established template: emphasizing low labor costs, abundant land supply, tax reductions and exemptions, and superior geographical location. This narrative was highly effective in the era of manufacturing outsourcing, but as global capital gradually shifts toward digital infrastructure, fintech, and artificial intelligence, its persuasiveness has begun to decline. One important reason is that investors in the digital age focus on completely different variables—the stability and sustainability of power supply, the security and compliance of data centers, rules for cross-border data flows, and the predictability of the regulatory environment. These elements cannot be summarized in a single phrase like "cost advantage"; they require a more complex system of trust.
Ho Chi Minh City is not starting from scratch. It was once a manufacturing hub in Southeast Asia, with more than 20,000 foreign-invested projects and cumulative registered capital exceeding $142 billion. But in recent years, the city has realized that if it continues to use the "low-cost manufacturing base" communication framework, it will be difficult to attract the high-quality capital needed to support the next round of growth. Therefore, when the city government prominently announced a $2 billion data center project by the UAE's G42 Group and another $2 billion data center plan by American investors, this was not merely releasing investment data; it was a deliberate brand restatement.
II. From Projects to Signals: How International Cities Reconstruct Their Brands
Globally, using large-scale digital infrastructure projects as anchors for city branding is not unique. Singapore, with its position as a submarine cable hub and stable electricity supply, has long regarded itself as Asia's data center and financial center. Dubai, meanwhile, has shaped a "future city" image through policy innovation and hyperscale data center projects. What these cities have in common is that they are not just attracting projects; they are using the projects themselves to convey institutional capacity and technological credibility.Ho Chi Minh City's strategy follows a similar logic. In February 2026, on the same day the city launched the Vietnam International Financial Center (VIFC-HCMC), it announced a framework agreement with G42. The timing was no coincidence. By tying the data center project to the international financial center, the city sent a compound signal to the outside world: not only is physical infrastructure being built here, but an institutional framework for handling global capital flows is also taking shape. Subsequently, asset management company Vantage Point committed to mobilizing up to $10 billion through the center for investment within five years, further reinforcing this narrative.
The key to this communication logic lies in "signal transmission." Large projects, especially those led by internationally renowned companies, are themselves third-party endorsements of a city's investment environment. They signal to other investors: this company has done its due diligence and concluded that the city has what it takes. Therefore, the role of the city government is not to promote itself directly, but to facilitate and showcase such projects and let the market draw its own conclusions. This is why Ho Chi Minh City officials repeatedly emphasize in public that "data is the core asset of the new financial system"—they are reshaping investors' cognitive framework, not merely listing investment amounts.
3. A Reusable Communication Framework
From Ho Chi Minh City's practice, four key steps for city investment brand communication can be identified, applicable to cities seeking to transition from a traditional manufacturing narrative to a digital narrative.
First, identify a new narrative anchor. A city must clarify what position it is most likely to occupy in the division of labor within the digital economy. Is it a regional data center hub? A fintech testing ground? Or an AI application center? Ho Chi Minh City's anchor is "international financial center + digital infrastructure." Not every city fits this positioning, but every city needs a future image that is specific enough to be imagined.
Second, build a verifiable chain of evidence. Vision alone cannot persuade investors. Ho Chi Minh City's approach is to continuously publish concrete projects, investment amounts, and implementation timelines—for example, American investors committing to pay $1.2 billion by the second quarter of 2026. Such "verifiable statements" are far more convincing than any brochure. Cities should proactively manage and release these milestones so that outside observers can see projects moving forward, rather than remaining at the letter-of-intent stage.
Third, leverage authoritative third-party channels. International media, industry conferences, and investment partners are key nodes in communication. Ho Chi Minh City chose to release information through platforms such as Vietnam News and emphasize the participation of international companies like G42 and Vantage Point, rather than relying only on local media. This ensures the message reaches the target investor community. At the same time, city officials continuously linked the project to national strategy and regional roles in public remarks, increasing the news value of their communications.Fourth, maintain the dynamic evolution of the narrative. A city brand is not a one-time advertisement, but a long-term narrative. As Ho Chi Minh City shifts from a manufacturing city to a digital hub, it has continuously updated its development philosophy: from labor cost advantages, to infrastructure quality, and then to institutional capacity. This evolutionary process is sustainable. Conversely, if a city repeats the same slogan for many years, investors will believe that its policies have not changed. Therefore, cities should regularly release new projects, policies, and achievements to keep the brand fresh.
Of course, this framework also has limitations. Large infrastructure projects have long cycles, from agreement to operation possibly taking several years. Over-promising in communication may trigger investor backlash. Ho Chi Minh City officials also acknowledge that the stability of electricity supply and regulatory transparency remain challenges. Therefore, cities should exercise restraint in communication; what matters is letting project progress speak for itself, rather than creating an illusion of false prosperity.
IV. The Next Frontier: Technology-Driven Brand Communication
Looking ahead, urban investment brand communication will be profoundly influenced by three trends. First, artificial intelligence and data analytics will change the precision of communication. Cities can analyze global capital flows, corporate investment preferences, and media discourse to adjust their brand messages in real time, and even customize content for specific investors. Second, geopolitical competition has made "trustworthy infrastructure" a new scarce asset. Issues such as data sovereignty, supply chain resilience, and security standards mean that cities that can provide stable rules will command a premium. The reason Ho Chi Minh City can attract capital from the Middle East and the United States is partly due to Vietnam's balanced position between China and the United States. Third, investor behavior is becoming more focused on long-term value. They increasingly pay attention to ESG indicators, the proportion of renewable energy, and the reserve of digital talent, which means city brand communication must be integrated with energy transition strategies and education policies, rather than promoting projects in isolation.
For investment promotion agencies and city brand managers, this means that the capability structure needs to be upgraded. In the future, investment promotion communicators must not only understand media and public relations, but also need to understand technology, finance, and international relations. They should be able to translate complex policy and technical language into brand stories that are easy for international investors to understand.
Conclusion
The urban transformation that Ho Chi Minh City is undergoing is a challenge shared by many cities in Asia and even around the world. The glory of the manufacturing era cannot be directly extended into the digital age; cities must find new narrative identities. Communication is precisely the key tool that connects reality and imagination. Those cities that can skillfully leverage large projects, credible partners, and precise channels will gain an advantage in this competition for attention. But in the final analysis, brand communication cannot replace real infrastructure construction and institutional improvement. Only when a city truly possesses the capacity to host high-quality investment will its story continue to be believed.