Lesson 3: Breakthrough to lead

(Chinhphu.vn) - With a series of strong development strategies, Ho Chi Minh City is affirming its pioneering role in the digital age, striving to become a modern megacity with influence in the region and the world.

Metro Line No. 1 (Ben Thanh - Suoi Tien) has just been put into operation, marking an important step forward in public transport in Ho Chi Minh City.

Full of desire to rise up

After liberation, Ho Chi Minh City has continuously transformed itself, bringing a new look with modern constructions. In particular, Metro Line 1 (Ben Thanh - Suoi Tien) has just been put into operation, marking an important step forward in the development of public transport. Along with that, a series of projects such as Tham Luong - Ben Cat - Rach Nuoc Len canal, Xuyen Tam canal, Ho Chi Minh City - Moc Bai expressway and Ring Roads 3 and 4 are being implemented, opening up new development spaces, creating stronger regional connectivity.

With a long-term vision, the City not only focuses on economic growth but also promotes the development of digital technology, digital finance, logistics and modern urban infrastructure. One of the most important projects of Ho Chi Minh City in the current period is the construction of an international financial center in the Thu Thiem New Urban Area (Thu Duc City). This project has an area of ​​9.2 hectares, planned to become a modern financial center, attracting domestic and foreign corporations.

With the orientation of becoming the "Wall Street" of Vietnam, the International Financial Center in Ho Chi Minh City will be the place to concentrate financial - banking services, financial technology (Fintech), securities transactions and regional business activities.

Mr. Nguyen Van Duoc, Chairman of the Ho Chi Minh City People's Committee, acknowledged that the financial center is not only a place where large capital flows converge but also a strategic driving force to promote innovation - Photo: VGP/Vu Phong

Mr. Nguyen Van Duoc, Chairman of the People's Committee of Ho Chi Minh City, acknowledged that the financial center is not only a place where large capital flows converge, but also a strategic driving force to promote innovation, develop high technology, improve management capacity, and increase national competitiveness and integration.

According to the head of the City government, this is an opportunity to improve the efficiency of resource allocation, expand access to capital for businesses, develop infrastructure and affirm Vietnam's position in the global financial and trade network.

The development of the International Financial Center in Ho Chi Minh City not only brings practical economic and social benefits to the City and the whole country, but also creates a spillover effect to neighboring cities and the Southeast Asian region. This will be the foundation for Ho Chi Minh City to improve its urban management capacity, develop sustainably and expand comprehensive cooperation with global partners.

In addition to the Financial Center, Ho Chi Minh City also focuses on investing in logistics development to optimize the supply chain and enhance economic competitiveness. In 2025, the City plans to start construction on the Can Gio international transit port project, promising to open a turning point in the marine economy as well as protect the mangrove ecosystem - the "green lung" of Vietnam.

The Can Gio Port Project was approved by the Prime Minister in January 2025. The project uses 571 hectares of land, including nearly 83 hectares of forest land converted for other purposes, with a total investment of over VND 50,000 billion. The project is divided into 7 phases, with the first phase to be completed in 2027 and the entire project to be completed by the end of 2045. According to calculations by the authorities, when Can Gio Port is fully invested and reaches its designed capacity in 2045, it will have a revenue of VND 34,000 - 40,000 billion per year.

In addition, Ho Chi Minh City has issued a Plan to implement TOD areas along Metro Line 1, Metro Line 2, and Ring Road 3 according to Resolution 98. This is a breakthrough for the City to liberate land value and create financial resources for infrastructure and urban development.

Mr. Vincent Choo Wing Sung, Investment Director of Metro Star Investment Joint Stock Company (CT Group) assessed that Resolution 98 has opened up great opportunities for autonomy for Ho Chi Minh City in developing TOD, encouraging TOD enterprises to focus on developing project chains and low-carbon urban areas following the Green TOD model. If Resolution 98 is well applied, it can help the Company quickly deploy projects along 8 Metro lines as proposed in the plan.

"The chain of low-carbon urban areas following the Green TOD model will include green design, clean energy, low-carbon or carbon-absorbing construction materials, energy saving, especially high connectivity with vehicles such as trains and hydrogen buses to reduce 50% of cars and motorbikes in each area," said Mr. Vincent Choo Wing Sung, and hoped that Ho Chi Minh City would pay attention to supporting businesses participating in developing the first Green TOD projects to complete pilot models that can be widely applied and institutionalized with clear and fair legal guidelines for all economic sectors.

Can Gio Port, when fully invested and reaching its designed capacity by 2045, will have a revenue of 34,000 - 40,000 billion VND per year.

Resolution 98 has given Ho Chi Minh City special mechanisms, helping the City to be more flexible in managing and mobilizing resources. Currently, Ho Chi Minh City is innovating the mechanism to attract private investment in important infrastructure projects. Some key projects calling for investment include the 355 km long urban railway system, Can Gio international seaport and the International Financial Center in Thu Thiem.

Experts say that if it attracts enough investment capital, the City can achieve double-digit economic growth by 2025. This will help Ho Chi Minh City not only develop rapidly in infrastructure but also become a livable city with service quality and amenities on par with major cities in the world .

Confidently entering the new era

To reach new heights, Associate Professor Dr. Tran Hoang Ngan said that Ho Chi Minh City needs to transform strongly, needs to make strategic breakthroughs in institutions, infrastructure, high-quality human resources; accelerate investment in science and technology and innovation, digital transformation, high-quality services...

One of the important tasks is to evaluate and summarize Resolution 98, to create a solid legal basis, helping Ho Chi Minh City to remove bottlenecks in the development process. In addition, to fully exploit the potential and solve the challenges of a megacity, it is extremely urgent to accelerate the promulgation of the Law on Special Urban Areas and Special Urban Administration.

Sharing the same view, Dr. Tran Du Lich, Chairman of the Advisory Council for the implementation of Resolution No. 98, also acknowledged that the top priority is to effectively implement this Resolution in practice. It is necessary to periodically evaluate after 3 and 5 years to perfect the urban government model, build a public service system to serve and create development.

According to Mr. Lich, Resolution 98 is only a pilot phase of the decentralization model, delegating some areas of State management to local authorities and some specific policies for the City. It is necessary to continue researching and building an urban government model suitable to the scale, position and role of the City associated with the organization of urban areas under the City.

Infrastructure breakthrough is also considered the most important factor, as the "backbone" for development, which is a major bottleneck limiting the comprehensive development of Ho Chi Minh City.

According to Associate Professor Dr. Tran Hoang Ngan, over the years, the City has shouldered the great responsibility of the whole country, regulating resources to invest in national infrastructure. This has partly slowed down the development of urban infrastructure, failing to meet the increasing needs of people and businesses.

Therefore, accelerating the progress of key transport projects such as Ring Road 3 and 4, Ho Chi Minh City - Trung Luong and Ho Chi Minh City - Moc Bai expressways, urban railway systems... is not only an immediate solution but also a strategic orientation for Ho Chi Minh City to become a modern economic, cultural and social center of the region.

According to Dr. Tran Du Lich, Ho Chi Minh City needs to complete the regional traffic system, deploy expressways and belt roads, especially complete the North-South traffic system and the Saigon River road according to the plan. Priority should be given to the city's gateway bottlenecks, such as National Highway 13, National Highway 22, National Highway 1, and National Highway 50 in the 2025-2026 period, with the goal of completing the entire traffic system before 2030.

In addition, the City also needs to focus on major projects that impact the transformation of the growth model, with the main focus on green economy, circular economy and digital economy. Shaping a creative startup center in Thu Duc City and large data centers (DC) to serve the digital economy. Focusing on removing obstacles in dozens of real estate projects that are wasting resources, projects with great influence but have been "suspended" for decades.

Dr. Huynh The Du, Indiana University, believes that Ho Chi Minh City should focus on developing in the direction of "one center, three corridors" in the era of growth.

Regarding development space, Dr. Huynh The Du, Indiana University, said that Ho Chi Minh City should focus on developing in the direction of "one center, three corridors" in the era of expansion. The city is the center connecting the Southern Key Economic Zone, the Southwest, the Central Highlands, towards the East Sea and connecting within ASEAN.

In which, Thu Duc City is the center facing the sea and international integration, linked to the existing center; the remaining 3 corridors include: the southwest connecting to the Mekong Delta; the west connecting to Cambodia through Tay Ninh province; the northwest connecting to the Central Highlands through Binh Duong province and Binh Phuoc province at present.

The vision of focusing on developing Ho Chi Minh City in the direction of "one center, three corridors" is not simply about development space but also carries a very strong policy and political message. Because this vision will help the City promote its central and leading role. At the same time, it will promote the strength and potential of localities with large economic scale in the region, such as Binh Duong, Dong Nai and Ba Ria-Vung Tau.

At the same time, it is necessary to create conditions for the remaining localities in the region to form a wave of growth and development; create development and connection opportunities for other localities, connect internationally and realize the ASEAN development vision.

Associate Professor Dr. Tran Hoang Ngan affirmed that in the past as well as at present, in difficult periods and times, the City has always shown its ability to overcome and has always made worthy contributions to the development of the country. The important assets that Ho Chi Minh City has always had are its resilient revolutionary tradition, heroic city, dynamism, creativity, and the spirit of daring to think and dare to do of the people, businesses and government.

"With a favorable geographical location, a gateway for international integration and exchange, a center of economics, finance, culture, education, science and technology, innovation, creativity and high-quality labor resources, along with many development spaces and many projects with spillover effects, we are confident and steadfast in joining the whole country in entering a new era - the era of national growth", Associate Professor, Dr. Tran Hoang Ngan hopes.

Anh Tho - Khanh Linh

Source: https://baochinhphu.vn/bai-3-but-pha-de-dan-dau-102250409111025981.htm