A historic opportunity not only for Ho Chi Minh City.

Ho Chi Minh City is facing a historic opportunity as it is being considered for the first time to study a law designating it as a "special urban area" for the future megacity.

This is the result of a summing up of half a century of peace , development, and innovation; the time has come for the city to be ready to enter an era of transformation with comprehensive reform, breaking free from its old, restrictive constraints.

This is also a necessary step following the reorganization of provincial-level administrative units nationwide, coupled with the operation of a two-tiered local government model; it marks the completion of specific pilot resolutions to officially enact a universal law, creating a long-term, systematic, and stable institutional foundation. This will provide a solid basis for further integration into the global economy through new institutions and products, thereby positioning Vietnamese people and national values ​​on the world map.

Therefore, the Law on Special Investment is not only for Ho Chi Minh City; it also demonstrates the spirit of radical innovation and reform from the central government. The central government once again places its trust in and simultaneously entrusts Ho Chi Minh City with the responsibility of "paving the way" for a new phase of development. Thus, this law (along with the Ho Chi Minh City Master Plan) is not simply an administrative tool, but a foundation for Ho Chi Minh City to shift from a local authority implementing policies to an active entity creating its own policies.

Among the key viewpoints being discussed and proposed are: maximizing and substantive decentralization, shifting from a "request-and-grant" mechanism to self-determination and self-responsibility; replacing time-limited pilot resolutions with permanent laws, establishing stable, long-term institutions; building a comprehensive governance model, with consistent organizational structure, finance, space, and technology within a legal framework to ensure comprehensive access to the megacity; from a regional economic perspective, Ho Chi Minh City (the core of the Southeast region) will coordinate and spread development to Dong Nai, Tay Ninh, etc.; and quantitative accountability through the annual Urban Governance Performance Index…

The time spent implementing these specific resolutions and pilot policies has been sufficient to establish a comprehensive legal framework, representing an unprecedented structural change for Ho Chi Minh City.

It is a two-tiered local government model with strongly decentralized authority, from urban planning as a single integrated master plan to budgeting and finance; from land use fees, land lease fees, TOD revenue and underground space to proposals for the formation of an Infrastructure Investment Fund, a Science and Technology Venture Fund, a Regional Development Fund, issuing municipal bonds, accessing direct international capital…

The Ho Chi Minh City Regional Coordination Council is also being proposed for legalization, with Ho Chi Minh City as the coordinating hub. Along with this is the idea of ​​a Regional Development Fund that mobilizes resources from the central and local governments, as well as from ODA and private sources. This shows that the law has significantly upgraded existing mechanisms to leverage internal strengths once they are linked and effectively utilized.

The most important principle to emphasize is not just "entrusting" responsibility, but empowering and decentralizing in a substantive and strong manner; providing urban financial tools and mechanisms for special areas and focusing on growth models. This legal and regulatory framework is expected to be a guiding force, while also ensuring stability and long-term sustainability for the new development phase of a locality and a southern urban economic region.

Nguyen Quan Cat

Source: https://www.sggp.org.vn/co-hoi-lich-su-khong-chi-cua-tphcm-post846493.html