The final sprint to the "finish line"

The opening of Bai Sau Park and the highlight of Tam Thang Tower Square on National Day, September 2nd, has created a special attraction for Vung Tau. With its long beach, many famous landmarks, and diverse accommodation options, Vung Tau ward, with its motto of being a "smart, green, friendly, and world-class tourism ward," is the "heart of tourism," playing a central role in organizing events, resorts, and marine culture in Ho Chi Minh City.

In addition, the Ho Chi Minh City Urban Railway Management Board has just approved the results of the contractor selection for the consulting package to prepare the revised feasibility study report, FEED design, and bidding for the construction project of Metro Line 2 (Ben Thanh - Tham Luong). Compared to the normal bidding process, which would take approximately 6-9 months, not including potential extensions due to unforeseen circumstances, the application of the direct contracting mechanism under Resolution 188 (piloting some specific and special mechanisms and policies to develop the urban railway network system in Hanoi and Ho Chi Minh City) has significantly shortened the process – the contractor was selected in just over a month.

Reviewing two of the many important events following Ho Chi Minh City's expansion of its development space and the implementation of new mechanisms shows that the new administrative apparatus, operating two months after the merger, remains interconnected, and operations are not disrupted. In fact, there is proactiveness, flexibility, and effective response and problem-solving. This is evidenced by the positive signs in the city's economy over the past eight months. For example, the processing and manufacturing industry and technological innovation have grown by an average of over 10%.

Besides core industries such as food, machinery, electronics, and textiles, the city has leveraged the shift in global supply chains to attract investment in high-tech sectors, particularly semiconductors, artificial intelligence, and renewable energy. These are the main drivers of the city's economic growth.

Meanwhile, financial investment, services, and trade are all thriving, reflecting the capital absorption capacity of large projects, such as the Ring Road 3, Metro Line 2, the Ho Chi Minh City - Moc Bai expressway, and the Tham Luong canal renovation. This not only addresses infrastructure bottlenecks but also opens up new development opportunities, improving connectivity with other localities. The increasing number of businesses leaving the market and the decrease in newly established businesses is a cause for concern, but it also reflects another positive aspect: the natural selection process of the market (small, incompetent businesses leave; larger and more competitive businesses rise to prominence).

Given the growth momentum of the first nine months, the remaining month of the third quarter will be the final sprint towards the finish line of 2025. Therefore, limitations must be addressed, such as the irrationality in the fiscal structure and public spending, prioritizing investment in production development alongside restructuring public spending; further accelerating the progress of key projects; and closely coordinating with provinces in the Southern key economic region to form a modern logistics, port, and airport ecosystem.

Simultaneously, the private sector will be promoted, focusing on policies to mobilize private participation in key infrastructure projects such as highways, railways, energy, and defense and security industries, while also paying special attention to small and medium-sized enterprises through administrative procedure reforms, expanded access to credit, and the establishment of startup support centers.

On the other hand, there should be further efforts to diversify export markets, potentially promoting trade to new markets such as India, the Middle East, and Africa; coordinating with national policies, controlling price indices, being cautious with real estate credit; and providing capital support for processing, technology, and export. Continued efforts should also be made to stimulate consumption and services with promotional programs, tourism development, and credit support for private consumption, especially during the final months of the year.

NGUYEN QUAN CAT

Source: https://www.sggp.org.vn/cu-nuoc-rut-cho-chang-ve-dich-post813021.html