HCMC – Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc has said the city will seek National Assembly approval for a special urban law which is aimed at expanding the city’s development space and strengthen decentralization and delegation of authority.
Duoc shared the information at a seminar titled “Solutions to drive double-digit growth from traditional and new growth drivers while ensuring energy stability in Ho Chi Minh City,” organized by the municipal government on March 13.
He said that to realize the goal of sustained double-digit growth, the city needs to effectively leverage strategic resolutions issued by the Politburo as a framework for overall development orientation.
At the same time, the city should maximize the special mechanisms and policies granted to it under National Assembly resolutions.
The Special Urban Law is expected to be submitted to the National Assembly for approval this year, which would expand development space, mobilize investment resources more strongly, and accelerate decentralization and delegation of authority to the city.
On that basis, the city will continue to fully leverage its role as the country’s economic hub, as well as its advantages in market size, business ecosystem, and high-quality human resources to promote three main groups of growth drivers.
Traditional growth drivers include investment, consumption, and exports. Among these, social investment plays a leading role, domestic consumption drives growth, and exports serve as a stable pillar supporting production.
According to estimates, to achieve annual growth of 10% in the 2026–2030 period, the city will require VND8.5–9.5 quadrillion (US$318–363 billion) in total investment, equivalent to 35–40% of its GRDP.
New growth drivers include the development of the digital economy, green economy, science and technology, and innovation. The city is also putting in place the Free Trade Zone and the Vietnam International Financial Center (VIFC) to attract capital, technology, and high-quality human resources. The VIFC-HCMC is projected to attract around US$50 billion in the first three years of operation.
In addition, the city will strengthen foundational drivers such as institutional reform, enhanced governance capacity, human resource development, and improved urban living quality, thereby reinforcing market confidence and laying the groundwork for sustainable growth.
