Developing Ho Chi Minh City into a financial center

Developing Ho Chi Minh City into a financial center
Developing Ho Chi Minh City into a financial center

On the occasion of General Secretary Nguyen Phu Trong’s visit and working session with the Ho Chi Minh City Party Committee on September 23, Dr. Dinh The Hien – Economic expert has suggestions for the city to continue promoting its advantage of becoming the “leader” of the southern key economic region.

According to Dr. Dinh The Hien, the southern economic region in recent years has clearly demonstrated its role as one of the key economic regions of the country; This is clearly shown through the following issues: 4 provinces and cities including Ho Chi Minh City, Binh Duong, Dong Nai and Ba Ria – Vung Tau are the leading localities, with large income sources, creating many jobs, GRDP standing. top of the country. In particular, Ho Chi Minh City is considered as the “leading” of the region.

Although he has performed a certain role, Dr. Dinh The Hien said that recently, Ho Chi Minh City in particular and the southern key economic region had many problems related to regional linkages, the role of a focal point or higher than a regional leadership was not clearly expressed, even localized.

Dr. Dinh The Hien – Economist

For example, Long An wants to build a road connecting National Highway 50 to Ho Chi Minh City, but Ho Chi Minh City does not attach importance to it, but focuses on the east direction… Besides, there are contradictions. such as the system along Cai Mep – Thi Vai port, which is very suitable for the long-term strategy, connecting from Long Thanh airport to the seaport system and highways, so this seaport system plays a very important role; It is also an area in the national transport system that the Government is promoting.

But if doing so, Ho Chi Minh City must sacrifice Saigon port and continue to be Cac Lai port and Hiep Phuoc port. However, Ho Chi Minh City wants to develop Hiep Phuoc port to ensure tax collection and maintain the position of Cat Lai’s container port, etc.

“Things like that create contradictions for development. The connection is still there, but it is clear that Ho Chi Minh City and the provinces of Binh Duong, Dong Nai, Ba Ria – Vung Tau have generated locality, each locality still only pays attention to its own, this does not create an effect. the overall result is not and is disproportionate” – Dr. Dinh The Hien said and added, if Ho Chi Minh City still keeps the old style, still competes with the provinces, still keeps the port, still keeps the production that the provinces have advantages; and without linkage and coordination, Ho Chi Minh City will also develop and develop well but will be slow and not prominent to become the focal point or “leader” of the whole region.

According to Dr. Dinh The Hien, the current infrastructure transportation system all goes through Ho Chi Minh City, connecting from the West and the East. Thus, Ho Chi Minh City must always be aware that it is not only a transportation warehouse, but also an organizational focal point, becoming a logical center for economic development.

“We know that Vietnam’s logictis currently has a very high cost – up to 25%, while other countries only have 13-17%. Logictis here are not just roads, but logictis companies, they will form a system, if they can do that, Ho Chi Minh City is both regional and focal.” – Dr. Dinh The Hien analyzed.

In order for Ho Chi Minh City to truly become the “leader” of the region, this expert also said that the city must develop into the financial center of the region, there must be policies to attract investment funds, financial institutions like New york or wall street. Because, finance is the decisive issue, when attracting large investment funds, from that financial source they will invest back in the provinces in the region or invest in seaports, logictis …

“We see that when the finance is available, the cooperation of the provinces in production will be solved, no longer worrying that this province has a port, the other province has an industrial park, but it is because of the focal point in Ho Chi Minh City. Ho Chi Minh decided”– Dr. Dinh The Hien said.

Another important issue, according to Dr. Dinh The Hien are two areas with very strong revenue sources that Ho Chi Minh City needs to continue to exploit: health and education. Because Ho Chi Minh City has a special position, as a medical center, where there are many large hospitals and many good doctors, we continue to study medicine and modern medicine.

Currently we are treating hospitals as a burden on society, which is completely wrong. We must, like Thailand, upgrade hospitals to become major medical centers, thereby attracting patients everywhere.

“Ho Chi Minh City must focus on investing heavily in hospitals and high-quality medical centers to serve not only the city, the region but also the South, followed by neighboring countries…” – Economic expert Dinh The Hien said.

In addition, there should be a mechanism to encourage technology-oriented startups to develop. Those are the things that Ho Chi Minh City should focus on developing in a substantive way. And the things that have been done before, actively do better. For example, ensuring environmental infrastructure for attractions and tourism. We know that Ho Chi Minh City is densely populated, but it is also a tourist center, a huge source of tourism revenue.

Before now, the concept of tourism in Ho Chi Minh City was rarely mentioned, they often said tourism in Phu Quoc, Nha Trang. Therefore, if we create an open environment for tourism and entertainment development, we will have more special imprints.


The article is in Vietnamese

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