Lesson 3: Breakthrough to take the lead

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

The newly operational Metro Line 1 (Ben Thanh - Suoi Tien) marks a significant step forward in Ho Chi Minh City's public transportation system.

Full of ambition to rise to the top.

Since liberation, Ho Chi Minh City has undergone a remarkable transformation, presenting a new image with modern infrastructure. In particular, the recently operational Metro Line 1 (Ben Thanh - Suoi Tien) marks a significant step forward in the development of public transportation. Alongside this, a series of projects such as the Tham Luong - Ben Cat - Rach Nuoc Len canal, the Xuyen Tam canal, the Ho Chi Minh City - Moc Bai expressway, and the Ring Roads 3 and 4 are being implemented, opening up new development opportunities and creating stronger regional connectivity.

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

With the aim of becoming the "Wall Street" of Vietnam, the International Financial Center in Ho Chi Minh City will be a hub for financial and banking services, fintech, securities trading, and regional-scale business activities.

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 for promoting 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 governance capacity, increase competitiveness, and facilitate national integration.

According to the city's top official, 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.

Developing an international financial center in Ho Chi Minh City will not only bring practical socio-economic benefits to the city and the country, but also create a ripple effect on neighboring cities and the entire Southeast Asian region. This will be the foundation for Ho Chi Minh City to improve its urban governance capacity, achieve sustainable development, and expand comprehensive cooperation with global partners.

Besides its financial center, Ho Chi Minh City is also focusing on investing in logistics development to optimize supply chains and enhance economic competitiveness. In 2025, the city plans to start construction on the Can Gio international transshipment port project, promising to open a new chapter in the maritime economy as well as protect the mangrove ecosystem – Vietnam's "green lungs".

The Can Gio Port project received investment approval from the Prime Minister in January 2025. The project utilizes 571 hectares of land, including nearly 83 hectares of forest land that has been converted to other uses, with a total investment exceeding 50,000 billion VND. The project is divided into 7 phases, with the first phase completed in 2027 and the entire project completed by the end of 2045. According to calculations by relevant authorities, when fully developed and reaching its designed capacity in 2045, Can Gio Port is expected to generate revenue of 34,000 - 40,000 billion VND per year.

Furthermore, Ho Chi Minh City has issued a plan to implement TOD (Transit-Oriented Development) zones along Metro Line 1, Metro Line 2, and Ring Road 3, in accordance with Resolution 98. This is a breakthrough for the city to unlock land value and generate 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 (Transit-Oriented Development), encouraging TOD businesses to focus on developing a chain of projects and a chain of low-carbon urban areas following the Green TOD model. If Resolution 98 is applied well, it can help the company quickly implement projects along the 8 Metro lines as planned.

"The chain of low-carbon urban areas based on the Green TOD model will include green design, clean energy, low-carbon or carbon-absorbing building materials, energy saving, and especially high connectivity with transportation such as trams and hydrogen buses to reduce cars and motorbikes by 50% in each area," said Vincent Choo Wing Sung, while also hoping that Ho Chi Minh City will pay attention to supporting businesses participating in the development of the first Green TOD projects, perfecting pilot models that can be applied on a large scale and institutionalized with clear and fair legal guidelines for all economic sectors.

When fully developed and reaching its designed capacity by 2045, Can Gio Port is expected to generate revenue of 34,000 - 40,000 billion VND per year.

Resolution 98 granted Ho Chi Minh City special mechanisms, enabling the city to be more flexible in managing and mobilizing resources. Currently, Ho Chi Minh City is reforming its mechanisms to attract private investment into important infrastructure projects. Some key projects currently seeking investment include a 355 km urban railway system, the Can Gio international seaport, and the International Financial Center in Thu Thiem.

Experts predict that if sufficient investment capital is attracted, the city could achieve double-digit economic growth by 2025. This will help Ho Chi Minh City not only develop significantly in terms of infrastructure but also become a livable city with service and amenity quality on par with major cities around the world .

Confidently stepping into a new era.

To reach new heights, Associate Professor Dr. Tran Hoang Ngan believes that Ho Chi Minh City needs a strong transformation, a strategic breakthrough in institutions, infrastructure, and high-quality human resources; accelerated investment in science and technology and innovation, digital transformation, and high-quality services…

One of the important tasks is to evaluate and summarize Resolution 98, in order to create a solid legal basis to help Ho Chi Minh City overcome bottlenecks in its development process. In addition, to maximize the potential and address the challenges of a megacity, accelerating the promulgation of the Law on Special Cities and the Special City Government is extremely urgent.

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 the effective implementation of this Resolution in practice. Regular evaluations every 3 and 5 years are needed to refine the urban government model and build a public service system that serves and fosters development.

According to Mr. Lich, Resolution 98 is only a pilot phase on the model of decentralization and delegation of power in some areas of state management to local governments and some specific policies for the city. Further research is needed to develop a model of urban government that is suitable to the scale, position, and role of the city, in conjunction with the organization of urban areas under the city's jurisdiction.

Infrastructure breakthroughs, considered the most important factor and the "backbone" for development, are currently a major bottleneck hindering the comprehensive development of Ho Chi Minh City.

According to Associate Professor Tran Hoang Ngan, for many years, the city has shouldered a great responsibility for the entire country, regulating resources to invest in national infrastructure. This has somewhat slowed down urban infrastructure development, failing to meet the ever-increasing needs of the people and businesses.

Therefore, accelerating the progress of key transportation projects such as Ring Roads 3 and 4, the Ho Chi Minh City - Trung Luong Expressway, the Ho Chi Minh City - Moc Bai Expressway, and the urban railway system... is not only a short-term solution but also a strategic direction 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 transportation system, implement expressways and ring roads, especially completing the North-South transportation system and the Saigon River waterfront road according to the plan. Priority should be given to bottlenecks at the city's gateways, 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 transportation system before 2030.

Furthermore, the city also needs to focus on major projects that impact the transformation of the growth model, with a focus on the green economy, circular economy, and digital economy. This includes establishing a center for innovative startups in Thu Duc City and large data centers (DCs) to serve the digital economy. The city should also focus on resolving obstacles in dozens of real estate projects that are wasting resources, including projects with significant spillover effects that have been stalled for decades.

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

Regarding development space, Dr. Huynh The Du from Indiana University suggests that Ho Chi Minh City should focus on developing in the direction of "one center, three corridors" in its era of growth. The city should be a central hub connecting the Southern Key Economic Region, the Southwest, the Central Highlands, facing the East Sea, and connecting within ASEAN.

In this plan, Thu Duc City is the center oriented towards the sea and international integration, connected to the existing center; while the three corridors include: the southwest corridor connecting to the Mekong Delta; the west corridor connecting to Cambodia via Tay Ninh province; and the northwest corridor connecting to the Central Highlands via the current Binh Duong and Binh Phuoc provinces.

The vision of developing Ho Chi Minh City in the direction of "one center, three corridors" is not simply about spatial development, but also carries a very strong policy and political message. This vision will help the city leverage its role as a central hub and leading engine. At the same time, it will harness the strengths and potential of localities with large economies in the region, such as Binh Duong, Dong Nai, and Ba Ria-Vung Tau.

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

Associate Professor Tran Hoang Ngan affirmed that, both in the past and present, during difficult times and periods, Ho Chi Minh City has always demonstrated resilience and made worthy contributions to the country's development. The most important asset that Ho Chi Minh City has always possessed is its strong revolutionary tradition, its heroic status, and the dynamism, creativity, and daring spirit of its people, businesses, and government.

"With its favorable geographical location, gateway to international exchange and integration, center of economy, finance, culture, education, science and technology, innovation, and a high-quality workforce, along with many development spaces and projects with widespread impact, we are confident and steadfast in joining the whole country in entering a new era - the era of national progress," Associate Professor Dr. Tran Hoang Ngan expressed his expectations.

Anh Tho - Khanh Linh

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