“Financing the development of Ho Chi Minh City (HCMC) cannot be adequately provided by isolated sources alone. It must be treated as a system and designed as a multi-layered architecture, with streams of capital flowing through project pipelines that are predictable and sustained over many years,” Dr. Le Dat Chi, dean of the School of Finance at the College of Business, University of Economics Ho Chi Minh City, told The Saigon Times. Project pipelines must become cash-flow pipelines The Saigon Times: HCMC is targeting an average annual growth rate of 10–11%. To achieve this goal, the city is estimated to require around VND1.2 quadrillion in investment capital each year. The draft Special Urban Law proposes several mechanisms to strengthen resources for the development of HCMC as a special urban area, including authority to issue local government bonds on international markets and the retention of additional revenues from import-export duties, supplementary import taxes, and special consumption taxes. What is your assessment of these proposals? Dr. Le Dat Chi: In recent years, HCMC has been granted greater authority to address its development challenges, reflecting both the city’s aspirations and the nation’s expectations for its role. Nevertheless, finance remains a critical resource, and […]
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