HCMC – A plan for HCMC’s nighttime economic development is being drafted to align with its new administrative structure and to exploit the greater untapped potential of tourism and services.
The HCMC People’s Committee has assigned the HCMC Institute for Development Studies (HIDS) to lead drafting the night-time economy development plan, according to information unveiled by the HCMC Department of Finance at a meeting on March 26. Simultaneously, the city continues to maintain operational pilot models in former districts 1, 6, 7, 12, and Phu Nhuan to evaluate their practical implementation.
Experts believe that the night-time economy can help expand the economy, create jobs, attract tourists, and extend their length of stay, thereby increasing revenue and promoting urban development. However, HCMC currently lacks iconic night-time attractions, and regular tourism and entertainment programs to form a cohesive ecosystem.
At a recent seminar on developing the nighttime economy for HCMC, many suggested that the city needs to develop more distinctive products such as river tours, pedestrian streets, and late-night activities apart from a specialized agency to coordinate policies, overall planning, and mobilize social resources.
According to a proposal from HIDS, the development of night-time tourism in the city center requires a dedicated governing body to align policies and ensure collaboration among stakeholders. Furthermore, flexible mechanisms are needed to mobilize ideas and resources from the private sector, thereby forming a sustainable, inclusive and mutually beneficial night-time economic ecosystem.
