Ho Chi Minh City: Accelerating the development of modern, high-end service centers

Ho Chi Minh City is focusing on developing high-end, modern, high-value-added service industries; aiming to become the leading service center of the country and the region.

Saigon Marina International Financial Center Tower in Ho Chi Minh City

Ho Chi Minh City identifies the development of high-quality and high-value service industries as not only an economic goal, but also a strategy for building a sustainable, modern city with its own identity; at the same time, it is a fundamental solution to improve competitiveness, international position and quality of life of the people.

With the largest GRDP in the country, Ho Chi Minh City is a service-economic center contributing about 25% of the national GDP. Key service industries play a pivotal role in socio-economic development and are also key drivers of growth. The group of 9 key service industries accounts for more than 90% of the total value of the service sector, achieving an average growth rate of 8.1% in the period 2010-2024.

After the merger, the city’s service structure will become more diverse and modern thanks to the addition of specific strengths of each region: Binh Duong makes outstanding contributions in the fields of logistics, transportation and warehousing; while Ba Ria – Vung Tau has advantages in seaport services, international transportation and tourism. This resonance is expected to expand the value chain and create a comprehensive service ecosystem, increasing competitiveness and economic value for the city.

Long Son International Port, the new national logistics center in Ho Chi Minh City

The city continues to play a central role in most service sectors, especially high value-added sectors such as science and technology, healthcare, transportation, finance, banking and insurance, accounting for more than 30% of the country's total value. The trade, import-export, accommodation and catering sectors account for about 20-30% of the country. Binh Duong (old) stands out in the service group associated with industry such as industrial real estate and logistics; while Ba Ria - Vung Tau (old) has advantages in seaports and resort tourism, contributing about 3% of the country's service value. Thanks to that, Ho Chi Minh City after the merger converges all three strengths: the high-end service center of the old city, logistics of Binh Duong and seaport - tourism services of Ba Ria - Vung Tau.

According to Vice Chairman of Ho Chi Minh City People's Committee Nguyen Van Dung, Ho Chi Minh City is a special urban area, the economic locomotive of the country, always playing a pioneering role in many fields. Over the years, the service sector has continuously played the role of the main driving force for the city's economic growth. However, the structure of the service industry is still biased towards traditional fields, while high-end, modern and high value-added service industries have not developed commensurate with their potential.

The merger of Ho Chi Minh City, Binh Duong and Ba Ria – Vung Tau has created an urgent need for strong restructuring. This expansion creates an “international megacity” and brings clear synergy advantages: Ho Chi Minh City plays the role of a financial – commercial – educational – medical center; Binh Duong adds an industrial and logistics base; Ba Ria – Vung Tau contributes a deep-water port, oil and gas and tourism.

The Southern Petrochemical Complex in Long Son commune has a total investment capital of about 5.6 billion USD.

Aiming to become a developed city on par with major cities in the world, moving towards Asia, Ho Chi Minh City is focusing on directing key tasks: Building and implementing the Project "Building the city into a major service center of the country and the region with high-class, modern, high-value-added service industries"; developing the city into an international financial center, gradually integrating capital markets, insurance, fintech, digital banking; orienting the development of logistics into a spearhead economic sector associated with the planning of Cai Mep - Thi Vai seaport and international transit port in Can Gio; at the same time, completing the infrastructure of transport - seaport - warehouse - express delivery, developing international education, high-quality healthcare and regional tourism.

With a solid foundation, clear orientation and determination to innovate, Ho Chi Minh City is gradually realizing the goal of becoming a modern, high-class service center of regional stature. This is not only a driving force for socio-economic development but also an important step to affirm the city's leading position and integration capacity in the new period.

Source: https://daibieunhandan.vn/tp-ho-chi-minh-tang-toc-phat-trien-trung-tam-dich-vu-cao-cap-hien-dai-10393557.html