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Ho Chi Minh City
Wednesday, July 24, 2024

Unlocking potential in innovative services

By Tran Hung Son (*)

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HCMC’s global innovative service sector, backed by its significant role and large labor force, holds immense potential for bolstering productivity, enriching the digital economy landscape. The significant role of services in HCMC’s economy Over the past decade, the service sector has consistently been a major contributor, accounting for more than 60% of HCMC’s Gross Regional Domestic Product (GRDP). The sector can be categorized into four groups, each with distinct characteristics related to skill utilization and innovation. HCMC boasts nine key services, making up over 60% of the GRDP in 2021. Data from the Statistical Year Book of HCMC reveal that nearly 21% of the city’s GRDP is derived from three innovative services. Meanwhile, the processing and manufacturing sector, once pivotal, now contributes 15.91% to the city’s GRDP. Around 20% of service sector jobs are associated with vital services demanding high skills and fall within the category of global innovative services. This percentage surpasses the national average of 6.4% and even outpaces that of high-income nations like Japan (14.9%). This is a highly favorable condition for promoting the development of the city’s digital economy. Additionally, the service sector has attracted a substantial number of workers transitioning from the processing and manufacturing […]
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