Substantial support for the 'economic locomotive' to accelerate and develop Ho Chi Minh City into a megacity of international stature

(Chinhphu.vn) - The Deputy Prime Minister requested that Ho Chi Minh City must promote its potentials and advantages, focusing on building Ho Chi Minh City into an economic, financial, high-tech industrial, scientific, technological, cultural, tourism and commercial center of international stature.

Deputy Prime Minister Ho Duc Phoc works with the Ho Chi Minh City People's Committee on the socio -economic situation, state budget estimates, and public investment plans - Photo: VGP/Tran Manh

On the afternoon of August 15, Deputy Prime Minister Ho Duc Phoc worked with the Ho Chi Minh City People's Committee on the socio-economic situation, the state budget estimate, the public investment plan for 2025 and the city's proposals and recommendations on the 5-year financial plan, the medium-term public investment plan for the period 2026-2030 and the state budget estimate, the public investment plan for 2026, the rate of state budget regulation, and decentralized authority in the financial sector.

The report of the Ho Chi Minh City People's Committee stated that 2025 is the final year of implementing the 5-year socio-economic development plan 2021-2025, and at the same time is the year focusing on organizing Party Congresses at all levels towards the 14th National Party Congress. The Ho Chi Minh City People's Committee has focused on directing and determined to maintain the spirit of overcoming difficulties, innovation, creativity and efficiency to build and develop a civilized and modern Ho Chi Minh City according to the motto "Ho Chi Minh City for the whole country, the whole country for Ho Chi Minh City".

Under the direction of the Central Government, the work of arranging administrative units and building a 2-level local government model in Ho Chi Minh City has achieved very important initial results.

Accordingly, Ho Chi Minh City strives for an estimated growth rate of 8.5% in 2025. Public investment disbursement strives to reach 100% of the plan assigned by the Prime Minister. The industrial production index (IIP) in 2025 is estimated to increase by 10.2%. After the merger, the city will have 25 industrial clusters and 78 industrial parks, expanding space for development...

Total budget revenue in the first 7 months of the year was VND473,922 billion, reaching 70.6%. Total local budget expenditure was VND99,097 billion, reaching 35.1% of the estimate.

The Deputy Prime Minister requested that Ho Chi Minh City must promote its potentials and advantages, focusing on building the city into an economic, financial, high-tech industrial, scientific , technological, cultural, tourism and commercial center of international stature - Photo: VGP/Tran Manh

Total tourism revenue in 2025 is estimated at VND260,000 billion, up 36.1% over the same period, reaching 100% of the annual plan. International visitors are estimated at 8.5 million, up 39.3%.

In addition to the achievements, there are still some difficulties, obstacles and limitations. Specifically: The economic growth rate in the first months of the year only reached 7.49%; to reach the target of 8.5% in 2025, the last months of the year must reach 10.3%, this is an extremely heavy task.

Mobilizing land resources for socio-economic development is still slow, large land funds ready to invite investors do not have or have incomplete legal documents.

Coordination and supervision between investors and local People's Committees in implementing compensation and resettlement support in some cases have not met requirements.

The business situation still faces many challenges. The number of businesses temporarily suspending operations or dissolving remains high. Fire prevention and fighting work is still limited.

The city also reported in detail on the estimated results of budget revenue and expenditure in 2025; the implementation and allocation of the public investment plan in 2025; the disbursement results of the public investment plan in 2025; the public investment plan in 2026; the financial plan and the 5-year public investment plan for the period 2026-2030...

With an economy with an openness of about 160%, the city is expected to maintain a high growth rate thanks to the trend of "taking shortcuts, taking the lead", "going first, coming first", while ensuring the goal of comprehensive socio-economic development.

Accordingly, by 2026, the city strives for a growth rate of gross domestic product (GRDP) of 10%; maintaining the proportion of the service sector in GRDP above 60%. Total social investment capital accounts for an average of about 35% of GRDP. Research and development (R&D) expenditure reaches 2% of GRDP; allocating at least 3% of the total annual budget expenditure for science, technology development, innovation, national digital transformation and gradually increasing according to development requirements. The average growth rate of social labor productivity reaches 7.5%....

Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc reported to clarify important solutions to implement socio-economic goals in the coming time - Photo: VGP/Tran Manh

In order to have enough resources to implement the above-mentioned 5-year financial plan for the period 2026-2030, the People's Committee of Ho Chi Minh City proposed that the Ministry of Finance consider and balance the arrangement to support Ho Chi Minh City with central budget capital in the period 2026-2030 for large, inter-regional projects with spillover effects, creating momentum for socio-economic development of localities that are expected to start construction in the period 2026-2030, such as: 7 urban railway projects under the Project to develop the urban railway system of Ho Chi Minh City; Urban railway line No. 2 (Thu Dau Mot City - Ho Chi Minh City); compensation, support and resettlement for the High-speed Railway project on the North-South axis (section through Ho Chi Minh City); construction of National Highway 50B; upgrading and expanding National Highway 51, National Highway 56, National Highway 55; Construction of National Highway 56B; expansion of the Ho Chi Minh City-Trung Luong expressway connection road, etc.

Ho Chi Minh City also made specific recommendations on the public investment expenditure estimate for 2026 and the medium-term period 2026-2030 using local budget capital; the public investment expenditure estimate for 2026 and the medium-term period 2026-2030 using the central budget capital to supplement the city budget with targets.

At the meeting, representatives of the Government Office and the ministries of Industry and Trade, Agriculture and Environment; Home Affairs; Construction; Science and Technology; Finance... expressed agreement with the report, highly appreciating the results that Ho Chi Minh City has achieved in various fields. At the same time, representatives of ministries and branches also discussed the city's recommendations, suggesting solutions to promote the city's socio-economic development strongly and sustainably in the coming time such as: Developing the logistics system, strategic inter-regional transport system; developing the urban railway system; implementing site clearance for the North-South high-speed railway project; promoting domestic trade and consumption; restructuring industrial space in line with the advantages of each region; developing urban areas, accelerating the development of social housing and public housing; environmental protection; implementing Resolution 57-NQ/TW of the Politburo on breakthroughs in science, technology, innovation and national digital transformation; Attracting investment and developing enterprises; building and implementing public investment plans; promoting new growth drivers, developing green economy, digital economy, green energy; implementing the construction of an international financial center; solutions to ensure the implementation of budget targets...

At the meeting, leaders of the Ministry of Finance also discussed specifically with the Ho Chi Minh City People's Committee about the city's recommendations on allocating capital for transitional projects; supporting capital to implement large projects with regional connectivity...

Leaders of the Ministry of Home Affairs also discussed with the Ho Chi Minh City People's Committee about the contents related to the work of rearranging the organizational apparatus and administrative units; arranging public service units, offices of specialized agencies and operating two-level local governments; arranging professional personnel, the number of Vice Chairmen of the People's Committees at the commune level and the mechanism for operating commune-level governments; implementing regimes and policies for cadres, civil servants, public employees and workers affected by the apparatus rearrangement...

Ministries and branches speak at the working session - Photo: VGP/Tran Manh

At the meeting, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc reported on important solutions to achieve socio-economic goals in the coming time, to develop Ho Chi Minh City to be worthy of a global megacity. These include planning; decentralization; attracting strategic investors; developing clean energy;...

Concluding the meeting, Deputy Prime Minister Ho Duc Phoc emphasized the importance of Ho Chi Minh City and requested "substantial support for the country's economic locomotive".

Appreciating the results achieved, the Deputy Prime Minister requested that Ho Chi Minh City promote its potentials and advantages, focusing on building Ho Chi Minh City into an international economic, financial, high-tech industrial, scientific, technological, cultural, tourism and commercial center.

The Deputy Prime Minister also pointed out the shortcomings and limitations that are hindering the city's development, especially in logistics, transport infrastructure, road traffic connections with seaports and airports; negative impacts of climate change;...

The Deputy Prime Minister emphasized the requirement that Ho Chi Minh City must focus on improving growth quality in conjunction with effectively resolving social security issues, especially for the urban poor...

To improve growth quality, it is necessary to change the traditional growth model based on capital to growth based on science, technology, innovation, improving labor productivity, promoting regional connectivity to create spillover...

Deputy Prime Minister Ho Duc Phoc suggested that Ho Chi Minh City focus on developing synchronous infrastructure including roads, seaports, airports, urban railways, and selecting focused and key investment projects to promote development.

At the same time, special attention must be paid to removing difficulties and obstacles, promoting the development of all economic sectors, including state-owned enterprises, private enterprises, foreign-invested enterprises, households...

Continue to expand and diversify the market; attract competitive and high-quality investment projects; accelerate the disbursement of public investment capital; focus on developing social housing to ensure quality and reach the right target;...

Regarding the two-level government, the Deputy Prime Minister suggested that Ho Chi Minh City pay special attention to the human resources working in professional fields in communes, wards, and special economic zones, especially information technology human resources; at the same time, it must ensure equipment for cadres, civil servants, and public employees to work; and handle surplus assets due to the reasonable arrangement of administrative units;...

Deputy Prime Minister Ho Duc Phoc also gave specific opinions on the budget estimate of Ho Chi Minh City, the budget adjustment rate in 2026; budget expenditure estimate (especially regular expenditures on tuition exemption, hospital fees, medical examination and treatment for people...); budget deficit; bond development; allocation of central budget capital for large projects of inter-regional, key and spillover nature;...

Tran Manh

Source: https://baochinhphu.vn/ho-tro-thuc-chat-cho-dau-tau-kinh-te-tang-toc-phat-trien-tphcm-xung-tam-sieu-do-thi-mang-tam-voc-quoc-te-102250815171130706.htm