Using the "total strength" to revive economic growth

The challenge of economic growth in the last 6 months of the year to achieve the minimum economic growth target of 8% (maximum 2 digits) in 2025 is very large. Ho Chi Minh City needs to take advantage of the strengths of the 3 pillars to revive economic growth.

Tan Cang - Cat Lai ( Ho Chi Minh City) has the largest cargo volume in the country. Photo: SNP

New high growth offsets first 6 months of year

In the first half of the year, the gross regional domestic product (GRDP) of Ho Chi Minh City (after the merger) only grew by 6.56%. To achieve the economic growth target of 8-8.5% in 2025, Ho Chi Minh City's economic growth in the last 6 months of the year must fluctuate between 11-12.5%. This is a huge challenge.

Currently, domestic investment in Ho Chi Minh City is facing many difficulties. According to the Ho Chi Minh City Department of Finance, in the first half of 2025, the number of newly established enterprises decreased by 12.7% in quantity and 38.3% in registered capital compared to the same period. Notably, the number of dissolved enterprises increased by 18.5% over the same period; while the number of enterprises temporarily suspending operations increased by 10.6% over the same period.

The reasons are slow recovery of domestic consumption, slow disbursement of public investment, lack of breakthrough in processing and manufacturing industry, technical barriers to exports and weak demand from international markets.

Bau Bang Industrial Park expansion (Ho Chi Minh City). Photo: Becamex

Experts say that the traditional business model has changed, with manufacturers tending to sell directly to consumers. Therefore, the role of intermediary distributors, who buy goods from one place to sell to another, or buy wholesale and retail, is increasingly shrinking. This is one of the reasons why many businesses, especially small and medium-sized enterprises, are facing difficulties and even being "terminated".

Mr. Tran Phu Lu, Director of the Ho Chi Minh City Trade and Investment Promotion Center, said that many businesses in the city are interested in solutions to cope with exchange rate fluctuations; preferential loan policies for import-export enterprises; support for businesses to access bank capital; payment methods in import-export activities, etc.

Ho Chi Minh City Hi-Tech Park focuses on research and development - R&D. Photo: SHTP

Synergize resources to accelerate

Dr. Tran Quang Thang, Director of the Ho Chi Minh City Institute of Economics and Management, said that after merging with Binh Duong and Ba Ria - Vung Tau provinces, Ho Chi Minh City will have greater potential and advantages than the remaining provinces and cities in the country.

The city needs to utilize its “total” strength to revive economic growth. Specifically, establish a “Growth Triangle” model: Ho Chi Minh City (High-tech Park, focusing on research and development - R&D) - Binh Duong area (VSIP industrial park, the pillar is Becamex Group) - Ba Ria - Vung Tau area (Cai Mep Logistics Hub, energy). This triangle increases the localization rate, high-tech export, and reduces dependence on intermediaries.

In particular, Ho Chi Minh City needs to focus on developing high-tech financial - commercial services to lead regional finance and payments (the pillar is the Thu Thiem International Financial Center). In addition, the city supports digital transformation for small and medium-sized enterprises in Binh Duong and Ba Ria - Vung Tau and develops regional agricultural - raw material - energy trading floors.

Ho Chi Minh City also needs to promote cooperation in trade promotion, tourism, and linked consumption; encourage inter-regional tours; develop tourism logistics centers and promote inter-regional digital trading floors for OCOP products and supporting industries.

“Taking advantage of the industrial production strength of Binh Duong region, the export gateway - seaport of Ba Ria - Vung Tau region and the financial - consumption - technology advantages of Ho Chi Minh City will create a multi-center growth ecosystem, helping to accelerate GRDP in the last 6 months of the year, reduce pressure on the city budget and create a real breakthrough in economic recovery and development”, said Dr. Tran Quang Thang.

Ho Chi Minh City's infrastructure connects to spacious industrial zones. Photo: Becamex

Currently, the State Bank of Vietnam has deployed a credit package of 100,000 billion VND to support agricultural, forestry and fishery production chains, of which Ho Chi Minh City alone has disbursed thousands of billion VND to more than 3,000 enterprises.

According to Mr. Vo Minh Tuan, Director of the State Bank of Vietnam, Region 2 Branch, the banking industry is promoting the mechanism of information sharing between the banking system, tax authorities and relevant agencies to ensure unified data on the operations and finances of enterprises, business households and individual businesses, as a basis for increasing lending to small and medium enterprises and business households.

Mr. Nguyen Cong Vinh, Director of the Ho Chi Minh City Department of Finance, said that the city will continue to improve the investment, production and business environment. Specifically, 30% of unnecessary business conditions will be abolished; administrative procedure processing time will be reduced by at least 30% and business costs (compliance costs) will be reduced by at least 30%. The city will focus on solutions to develop the private economy, creating conditions for small and medium enterprises to make a breakthrough.

Source: https://hanoimoi.vn/van-dung-the-manh-tong-luc-de-vuc-day-tang-truong-kinh-te-709686.html