HCMC – Vietnam’s Party General Secretary and State President To Lam on Saturday expressed concerns about the diminishing pioneering spirit and leading position of HCMC, calling for urgent measures to reverse the trend.
“The city’s traditional growth drivers have been eroded, while new ones have yet to be clearly defined”, General Secretary Lam said during a meeting with the HCMC Party Committee on August 17.
At the meeting, Lam emphasized HCMC’s important role as the nation’s economic spearhead. HCMC has been at the forefront of revenue collection, labor productivity, and the implementation of new business models. “Many innovative ideas and breakthrough technologies have originated in the city before being expanded nationwide,” Lam said.
However, the city is no longer leading in several key indicators, such as annual economic growth, he added.
The Party chief urged the city to identify the causes of this decline and implement solutions to address them. Lam emphasized the need to reshape the city’s future, envisioning it as a global metropolis that is smart, modern, dynamic, and deeply integrated into the global economy.
He also highlighted the importance of green and inclusive growth, stressing that the city should look to become a hub that embodies advanced values from Asia and the world.
He called on HCMC to maximize its potential and advantages to achieve rapid and sustainable economic development. He advised the city to innovate its growth model and restructure its economy to improve quality, efficiency, and competitiveness. Additionally, he urged improvements in the investment environment to attract both domestic and foreign investments.
Lam emphasized the importance of developing the city’s urban infrastructure, calling for breakthroughs in urban planning, design, and management. He advocated for integrating urban planning with economic, cultural, and social development strategies while strengthening national defense and public security.
In addressing the city’s financial management, Lam cautioned against mismanaging capital, warning that poorly handled funds could end up inflating the stock market or the real estate sector without contributing to real economic growth. “Money in the bank, if not managed well, can flow into speculative sectors like securities and real estate, creating bubbles instead of real wealth,” he said.
He stressed the need to effectively utilize financial resources for economic development, urging city officials to determine why available funds are not being spent. “We must find out whether the issue lies in policies, laws, mechanisms, or other factors and work to unlock these resources for development,” he added.
To Lam also reaffirmed the city’s importance as an economic leader, urging its leaders to turn the political determination into concrete outcomes. He called for a focus on preparing for upcoming Party congresses, ensuring the selection of capable and ethical officials dedicated to the city’s progress.
