With regard to its economy and key strengths, Mumbai is India's largest economic metropolis, with a metropolitan population exceeding 21 million and contributing approximately 6.16% of the national GDP. Mumbai's economy possesses an exceptionally robust commercial services and digital industry structure, serving as the nation's "Financial Capital" by hosting premier financial institutions such as the Reserve Bank of India (RBI), the Bombay Stock Exchange (BSE), and the headquarters of multinational corporations. The city's core strengths are heavily concentrated in financial services, banking, information technology (IT), pharmaceutical manufacturing, textiles, and the gem and jewelry industry. Notably, Mumbai is a major global cultural center with the far-reaching influence of the Bollywood film industry. In the new era, Mumbai is emerging as a digital innovation hub by leading in Fintech development, data centers, biotechnology, and smart city solutions.
Permanent Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Loc Ha and India's Minister of State for Home Affairs Nitayanad Rai exchange the Memorandum of Understanding on the establishment of friendly and cooperative relations between Ho Chi Minh City and Mumbai City - Photo: Tuoi Tre Newspaper
Since the historic milestone of 2023, the outstanding cooperative achievements between Ho Chi Minh City and Mumbai City have made highly substantive strides, built upon the foundation that both are among the most dynamic economic, financial, cultural, and tourism centers of their respective nations. This bilateral relationship has been continuously deepened through the active bridging role of the diplomatic missions of both countries, particularly the connectivity efforts of Consulates General in promoting enterprise promotion programs and comprehensive delegation exchanges. The trade and commercial flows between both sides have been significantly enhanced through the network of direct flights connecting Ho Chi Minh City and Mumbai since late 2019, creating a substantive breakthrough for transnational investment flows and capitalizing on the tourism wave. These robust connectivity platforms have opened a broad cooperation corridor, enabling enterprises from both localities to proactively connect supply chains and realize flagship joint venture projects.
Looking toward the future, particularly in the context of Ho Chi Minh City's newly expanded development space, the City is expanding its corridors to attract direct investment flows and forge strategic alliances with partners from Mumbai City across five key areas:
Financial Services and Fintech: Attracting investment funds, financial conglomerates, and major banks from Mumbai to participate in sharing operational experiences, developing advanced financial technology solutions, and accompanying the development of the Ho Chi Minh City International Financial Center Project in a transparent and open business environment.
Information Technology (IT) and Digital Technology: Promoting joint ventures, in-depth research cooperation, and technology transfers; inviting major Indian technology conglomerates to invest in software development, data technology, artificial intelligence (AI), expanding smart data center networks, and fostering the innovation startup ecosystem.
Pharmaceuticals and Biotechnology: Attracting major Indian pharmaceutical conglomerates to invest in constructing modern manufacturing facilities and international-standard pharmaceutical research and development (R&D) centers in Ho Chi Minh City; transferring advanced biotechnology in vaccine production and high-tech medical biosubstances; and supplying specialized equipment.
Cultural Industries, Cinema, and MICE Tourism: Promoting film production cooperation and cinematic copyright exchanges, leveraging Bollywood's post-production technological strengths while jointly designing cultural experience itineraries and high-end event and conference tourism (MICE) packages to attract the Indian visitor segment.
Smart Urban Infrastructure and Green Environmental Management: Cooperating on the transfer of digital urban transport management systems, green energy development solutions, large-scale wastewater treatment, and the application of circular economy models adapted to climate change.