Ho Chi Minh City service industries such as retail, tourism, accommodation, and food, have all grown better than in other localities. Hence the difficulties may be in the fields of processing and manufacturing.
When compared with other provinces that also rely on industrial production and manufacturing there has been a very good growth rate. For instance, Bac Giang, Hai Phong, Hung Yen, and Hai Duong provinces have seen a rising growth rate, while some other localities have had a very slow growth rate, such as Ho Chi Minh City, Bac Ninh, Binh Duong, and Ba Ria-Vung Tau. In the first quarter of 2023, the decline in the manufacturing industries such as automobiles, motorcycles, and electronic components also occurred in localities such as Quang Nam and Bac Ninh provinces which rely on these industries, but Ho Chi Minh City does not rely on these areas.
Obviously, the two pictures are very contrasting. Therefore, the decline of growth in Ho Chi Minh City is very unexpected. In such context, there is an urgent need to find out where the bottlenecks are, and which are the obstacles holding back the development of Ho Chi Minh City. Because Ho Chi Minh City is the main economic hub of the country and is expected to lead and promote overall economic growth for the entire nation.
Resolution 54 on specific policies for Ho Chi Minh City has been submitted to the Standing Committee of the National Assembly for approval. The Resolution will replace Decree 54. However, in this context, some suggestions on the Resolution are also needed.
Firstly, setting a target for the new Resolution will not only help Ho Chi Minh City restore its growth momentum but also create a base for further motivation for Ho Chi Minh City to grow even more strongly, exploit its potential, and take advantage of its position as an economic center.
Secondly, in my opinion, it is necessary to recognize that this Resolution will really remove the bottlenecks that are holding back growth in Ho Chi Minh City.
I think the new Resolution must be for the long-term and the sooner it is implemented, the better it will be. If the Government, Ho Chi Minh City and other ministries and sectors want to speed up the process, they need to make best efforts to improve the quality of the Resolution when they submit to the National Assembly for approval. Ho Chi Minh City should seriously and comprehensively review all bottlenecks and obstacles that are hindering the growth process. Within the scope of the Government, and the scope of Ho Chi Minh City, priority should be given to immediate solutions along with those that are considered fundamental and long-term, before focusing on the new Resolution.
