Ho Chi Minh City must transform itself into an international financial and integration center

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Assoc. Prof. Dr. Tran DinhThien, former Director of the Vietnam Institute of Economics.

Customs Newshad a discussion with Mr Tran DinhThien, Former Director of the Vietnam Institute of Economics around this issue

A new draft resolution on piloting a number of specific mechanisms and policies for HCMC development will be considered discussed and expected to be approved at the fifth session of the 15th National Assembly. What do you think about this new resolution?

Resolution 54/2017/QH14 provides Ho Chi Minh City with open mechanisms on rights and resources for Ho Chi Minh City to develop actively. This is a significant forward step. On the old foundation, now Ho Chi Minh City proposes a new Resolution to show it comprehensively in all aspects, the most obvious thing is giving more rights to Ho Chi Minh City. This is the key point.

The draft resolution is a vital opportunity for Ho Chi Minh City at this time, but it requires us to have a new approach, not to support, strengthen and expand the budget more than other localities. We must create new momentum and strength to the right level and solve the leading role of the economic center of the country. Ho Chi Minh City must keep pace with the level and development trends of the world.

The first thing is to create conditions for Ho Chi Minh City to become a new, outstanding, experimental model of institutional development to lead the country's institutional reform process. With qualitative changes, the budget mechanism must be different, and the same as other localities will not be able to promote autonomy. Ho Chi Minh City must have the autonomy to be creative. To do so, it must have resources to ensure it. The apparatus, organization and personnel mechanism must be different when undertaking and operating many other jobs with higher qualifications.

The project system must focus on "the leading", related to the whole economic region, but cannot let traffic congestion, traffic jams and pollution like the present; prioritize key projects to solve national problems. If you want to become an international financial center, you must work hard otherwise it will be too late; the later it is, the slower the efficiency is.

The specific mechanism is how to make Ho Chi Minh City like Singapore - the destination of big corporations in the world.

Accordingly, if the new Resolution of Ho Chi Minh City is approved by the National Assembly, Ho Chi Minh City will immediately start implementing it, bringing an amazing speed. The implementation will help Ho Chi Minh City break through and bring back a development model for the economy of Ho Chi Minh City and the country.

What does it mean for Ho Chi Minh City to pilot new mechanisms and policies?

We need to change the perception in building a specific pilot mechanism for Ho Chi Minh City in the direction that this is a problem for the whole country, not just for the city. Ho Chi Minh City shouldered the mission of "leading" the whole country.

During the past 15-20 years, Ho Chi Minh City has yet to see any fundamental changes. Ho Chi Minh City proposes many good models and solutions but is rarely applied, such as the urban government model. The economy of Ho Chi Minh City could be stronger in terms of position, although internal resources are still abundant. The growth bottlenecks, such as traffic, flooding, etc. have not been thoroughly removed but increased; new motivations should be given. Therefore, creating a breakthrough and a new driving force for Ho Chi Minh City is necessary. Solving difficulties for Ho Chi Minh City is not only for the city, but it must be determined that this is a solution for the general economic development of the whole country.

Therefore, creating breakthrough mechanisms and policies for Ho Chi Minh City is also for the development of the whole country. Because Ho Chi Minh City carries on its shoulders the mission of being the economic "leading" of Vietnam, it strongly accelerates strongly to pull developmentof the whole country up. Moreover, removing obstacles for Ho Chi Minh City is necessary, but having a higher focus and a better vision to solve the fundamental problems is necessary. However, Ho Chi Minh City needs more breakthrough projects in addition to the new Resolution on mechanisms and policies.

What are those groundbreaking projects specifically?

Now is an opportunistic time, opening a different vision for Ho Chi Minh City to regain its position and grow.

Ho Chi Minh City must transform itself into an international financial and integration center.

Specifically, Ho Chi Minh City wants to break through, it must have breakthrough projects along with institutional breakthroughs, big centers are always open and integrated, such as Singapore and Shanghai turning themselves into centers of international integration. If Ho Chi Minh City wants to get ahead, it must turn itself into the center of international integration of this country. There may be breakthrough projects such as: Can Gio transshipment port, International financial center, and more commercial center to pull the world here. These factors resonate with each other, along with the Southeast region; Ho Chi Minh City will attract large investors and attract large corporations.

In addition, Ho Chi Minh City together with Ba Ria Vung Tau, Dong Nai and Binh Duong form the leading institutional cluster, the institutional testing center for the whole country. With that, the risk will decrease and the resonance of the strength of the zone will increase, the possibility of a breakout is much higher.