In his presentation " Leading the rapid and sustainable development of the private economy " at the 14th Party Congress on the afternoon of January 21st, Mr. Nguyen Tan Phat, Secretary of the Party Committee of Saigon Ward (Ho Chi Minh City), stated: "The private economy of Saigon Ward has the distinctive characteristics of a modern urban economy, digital economy, sharing economy, night economy, and 24/7 services."
Mr. Nguyen Tan Phat, Secretary of the Party Committee of Saigon Ward, Ho Chi Minh City, presents his paper at the Congress on the afternoon of January 21 (Photo: VNA).
Regarding the initial results of implementing Resolution 68 of the Politburo on the development of the private economy in Saigon Ward, Mr. Phat stated that the Saigon Ward Party Committee has developed a program on leading the development of high-end trade, services, finance, and international tourism for the period 2025-2030, aiming to create a breakthrough in the development of the private economy, anticipating the implementation of the International Financial Center as well as Resolution No. 260 of the National Assembly on the special mechanism for the development of Ho Chi Minh City.
The key solutions that Saigon Ward has implemented under Resolution 68 fall into two groups.
Firstly , regarding international economics, finance, and trade: The ward has promoted and encouraged supermarkets, shopping malls, retail stores, and convenience stores to continuously improve the quality and capacity of their services in a civilized manner, applying digital technology in management.
The ward also organizes and develops several free trade centers (building a system of duty-free or on-site tax refund shops) offering a diverse range of high-end products and services, contributing to attracting and better serving the shopping needs of international tourists and professionals working at the International Financial Center.
Simultaneously, the ward has attracted high-quality resources, domestic and foreign financial experts, strategic investors, investment groups, finance companies, and banks to establish their headquarters; and coordinated with relevant agencies to ensure the effective implementation of specific policies applied within the International Financial Center.
Secondly, regarding administrative procedure reform, the acceleration of digital transformation is being implemented in the direction of simplifying processes, streamlining the apparatus, improving the quality of handling administrative procedures, and creating the most convenient conditions for citizens and businesses.
Statistical results show that the number of businesses and business households in the ward has increased rapidly in the past 6 months. Currently, Saigon Ward has nearly 14,300 businesses (excluding foreign businesses), an increase of 966 businesses and business households compared to July 1, 2025 (the date of the ward's establishment).
Local government revenue exceeded the target set by Ho Chi Minh City in 2025, raising expectations for even better revenue in 2026.
"This shows that the role of the private economy is both an important driving force and a significant resource contributing to the development of Saigon Ward and the city," Mr. Phat said.
The increased participation of private economic groups in socio-economic development projects and the establishment of additional facilities in Saigon Ward demonstrates the confidence of entrepreneurs and private businesses in the political and socio-economic environment, creating a more harmonious balance of interests among the three parties: the State, businesses, and the people.
Located in the heart of Ho Chi Minh City, Saigon Ward, despite its bustling and modern atmosphere, still preserves many buildings and historical sites that are over 100 years old (Photo: Nam Anh).
Experiences in sustainable development of the private economy.
Sharing lessons learned, the Party Secretary of Saigon Ward stated that it is necessary to promote the leadership role of the Party with increasingly innovative leadership methods, adapting to the rapid changes in the market economy, new technologies, and global geopolitics.
The Secretary of the Party Committee of Saigon Ward also mentioned encouraging and motivating the Vietnamese business community to grow stronger in both quantity and quality, contributing to the nation's new era of progress.
The state needs to proactively innovate and adapt to the ever-changing market economy, in which the private sector is a key player. Furthermore, competition and the harmonization of interests between the state, businesses, and the people contribute to the sustainable development of the private sector.
An effective market economy must be highly competitive, with many economic entities and types of economic activities, in which the private sector always demonstrates innovation, creativity, dynamism, and high adaptability, all while pursuing its own interests.
"Harmonizing the interests of the state, businesses, and the people is the optimal solution. This depends on many factors such as the transparency of the economic system, the quality of human resources, the scientific and technological foundation, and the technical infrastructure for logistics and trade," Mr. Phat shared his experience.
Finally, to enhance the role of the two-tiered local government, especially in the field of private economic development, the Secretary of Saigon Ward emphasized the need for clearer decentralization and delegation of power in economic management. He suggested reviewing corporate income tax rates and fees for procedures to align with the overall development direction of Ho Chi Minh City and the country.
Saigon Ward (Ho Chi Minh City) was established on July 1, 2025, by merging the entire area of Ben Nghe Ward and parts of Da Kao Ward and Nguyen Thai Binh Ward, with a natural area of 3.038 km2 and a population of over 47,000 people.
The ward's Party Committee currently has 128 Party organizations, with approximately 11,000 Party members. Saigon Ward is located in the urban center of Ho Chi Minh City.
Inheriting the historical traditions of over 320 years of formation and development of Saigon - Gia Dinh - Cholon - Ho Chi Minh City, Saigon Ward brings together iconic streets and many unique architectural relics, a cultural and historical space of high value and international standards.
Source: https://dantri.com.vn/thoi-su/phuong-sai-gon-tap-trung-hang-tram-tap-doan-kinh-te-tai-chinh-hang-dau-20260121165007083.htm
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