Proper investment needed to develop night-time economy
Illustrative image (Photo: VNA)
The night-time economy of major cities in the country has remained underdeveloped due to a lack of proper investment and an absence of a legal framework and policies to promote it, authorities said.
The night-time economy is increasingly being recognised as a driver of economic growth globally, said Do Thang Hai, deputy minister of Industry and Trade.
In Vietnam, the night-time economy has tremendous potential to play a role in creating new jobs, improving incomes of locals and promoting domestic consumption and tourism, Hai said at a meeting held in HCM City recently.
In 2020, the Prime Minister approved a night-time economy development project with the aim of exploiting the potential of the night-time economy to promote overall economic growth and improve incomes for residents, he said.
Municipal and provincial authorities need to conduct research to formulate appropriate plans tailored to the specific socio-economic conditions, he added.
Nguyen Nguyen Phuong, deputy director of HCM City Department of Industry and Trade, said there is not much investment for developing the night-time economy in the city, leaving potential growth untapped.
Essential investment for developing the night-time economy includes public transport systems, infrastructure, pedestrian areas, and a wide range of services and products for nighttime activities, Phuong said.
The city’s socio-economic development master plan that integrates a plan of night-time economic development has not been issued, he said.
Regulations on the management of a night-time economy have not been put in place, he added.
Asso. Prof. Nguyen Quyet Thang from the University of Technology in HCM City said that the night-time economy makes a significant contribution to the overall economy and employment and encourages tourism globally.
The night-time economy contributed 70 billion GBP (83.6 billion USD) to the UK and 400 billion JPY (2.97 billion USD) to Japan in 2020, Thang said.
In Vietnam, night-time economy development remains modest in some major cities, he said.
It is crucial to raise the awareness of authorities and the public on the benefits of the night-time economy, which is commonly perceived as ‘sensitive’ economic activities, he said.
Fear of crime and challenges related to security and order and noise pollution have hindered the development of the night-time economy, he added./.
Related News
Electronics industry overcomes challenges to penetrate deep into global supply chain
19:38 | 16/11/2024 Import-Export
Continue to handle cross-ownership in banks
10:35 | 02/11/2024 Finance
"One law amending four laws" on investment to decentralize and ease business challenges
16:44 | 01/11/2024 Regulations
Fiscal policy needs to return to normal state in new period
09:54 | 04/11/2024 Finance
Latest News
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export
Vietnamese enterprises facing challenges from cross-border e-commerce platforms
14:32 | 21/11/2024 Import-Export
More News
Vietnam, Malaysia eye new milestone in trade ties
14:29 | 21/11/2024 Import-Export
Shrimp exports surge in 10 months, generating 3.2 billion USD
14:27 | 21/11/2024 Import-Export
Vietnam’s exports to the U.S. near US$100 billion milestone
09:46 | 21/11/2024 Import-Export
From the “abnormal” coffee price, worries about the new crop
09:46 | 21/11/2024 Import-Export
What obstacles limit the market share of Vietnamese goods in the UK?
14:49 | 20/11/2024 Import-Export
Why seafood exports to some Middle Eastern Countries are stalled
14:47 | 20/11/2024 Import-Export
Storm No. 3 destroys profits of many insurance companies
14:45 | 20/11/2024 Import-Export
Vietnam, Malaysia eye golden partnership opportunities in Halal industry
14:44 | 20/11/2024 Import-Export
Tra fish sector aiming for production, processing greening for sustainable development
14:41 | 20/11/2024 Import-Export
Your care
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export
Vietnamese enterprises facing challenges from cross-border e-commerce platforms
14:32 | 21/11/2024 Import-Export
Vietnam, Malaysia eye new milestone in trade ties
14:29 | 21/11/2024 Import-Export