A corner of Ho Chi Minh City. (Photo: Thanh Dat)

Recently, Ho Chi Minh City has recorded numerous outstanding accomplishments. The positive figures in the city’s socio-economic development demonstrate its robust recovery and readiness to create breakthroughs in the new era.

Harnessing internal strength

On December 22, 2024, Ho Chi Minh City’s Metro Line 1, running from Ben Thanh to Suoi Tien, officially opened after years of delay. Thousands gathered at Ben Thanh Station, eager to experience the modern transport system. Trinh Thi Mai Huong from Thu Duc City shared that she has changed her commuting habits since Metro Line 1 began operating. “Now, each morning, I go to Binh Thai Station and take the metro to the Opera House Station, then it’s just a few minutes’ walk to my workplace.”

The operation of Metro Line 1 is one of many bright spots in the city’s socio-economic picture in 2024. This marks a welcome transformation in public transport infrastructure, moving towards green, sustainable transport for the city.

By the end of 2024, the city had largely accomplished its key objectives. Economic growth hit nearly 7.2%, while budget revenue exceeded 500 trillion VND for the first time, up 12% compared to 2023 and contributing more than one quarter of the national budget revenue.

The city has also allocated more resources to culture, education, healthcare, sustainable poverty reduction, and improving its citizens’ quality of life.

According to Associate Professor Tran Hoang Ngan, Ho Chi Minh City has overcome the headwinds since 2021, when the city’s economy fell into recession with negative growth of 4.1% due to the COVID-19 pandemic, marking the most severe shock in the nearly 40 years since economic reform began.

However, thanks to regular, close guidance from the central government, support from other localities, along with the determination of the entire political system, business community and citizens, the city has overcome both internal obstacles and external impacts to achieve 5.81% growth in 2023 and nearly 7.2% in 2024.

Notably, the National Assembly passed a resolution on piloting special mechanisms and policies for Ho Chi Minh City, with 44 specific mechanisms and policies across seven areas, considered an initial step in removing institutional bottlenecks as the nation enters a new period.

This is viewed as a crucial foundation for the city to mobilise social resources and maximise its potential and advantages to continue serving as the nucleus and growth pole of the country, aiming to develop on par with major cities in Southeast Asia and the wider Asia.

Maintaining the role as economic engine

Each step forward by Ho Chi Minh City creates powerful impacts, helping shape the comprehensive development of the entire country. Many effective models and solutions in leadership and management by the city’s Party committee and government, along with methods of organising socio-economic and urban development, have been replicated, becoming an inspiration for other localities and promoting innovation for common development.

However, it must be frankly acknowledged that while the city remains the country’s economic engine, this position has recently shown signs of decline. Therefore, Ho Chi Minh City needs appropriate policies to remove bottlenecks and create new momentum for stronger development.

At the start of 2025, the city established the International Financial Centre and had its master plan for 2021-2030, with a vision for 2050 approved. This event marks an important step in implementing breakthrough tasks, strategies and solutions; creating new momentum for development and affirming Ho Chi Minh City’s leading role, contributing significantly to successfully implementing the resolution of the 13th National Party Congress, laying the foundation for the city and country to enter a new era. This also reflects the city residents’ aspirations for a civilised and modern city with good quality of life, towards becoming a smart and sustainable metropolis in the future.

According to Dr Tran Du Lich, the city faces great opportunities to harness its potential and advantages, continuing to affirm its leading position in the new development phase. To realise these aspirations, Ho Chi Minh City needs to focus on projects that will transform the city. Accordingly, the city needs to quickly and effectively implement the master plan for 2021-2030 with vision for 2050 and adjust the general city planning until 2040 with vision for 2060 in 2025. It should develop specific schemes and projects to allocate resources and attract investment.

The city needs to focus on quickly and effectively handling long-standing projects to absorb investment capital and create general ripple effects. According to Dr Huynh The Du from Indiana University (US), Ho Chi Minh City’s development needs to be placed within the context of connections to the southern key economic region, south-western region, Central Highlands, towards the East Sea/South China Sea, and ASEAN connectivity.

The city needs to develop with a vision of “one centre, three corridors”, building a centre facing the sea and international integration in Thu Duc City linked with the existing centre as well as building three corridors: the south-western corridor connecting to the Mekong Delta, the western corridor connecting to Cambodia via Tay Ninh, and the north-western corridor connecting to the Central Highlands via Binh Duong and Binh Phuoc.

“This not only has significance in terms of development space, but this vision also carries a very strong political message, that is promoting the central and leading role of the city, creating development opportunities and cohesion, as well as promoting the strength and potential of localities in the region,” said Du.

At a recent conference announcing Ho Chi Minh City’s master plan for 2021-2030 with vision for 2050, Prime Minister Pham Minh Chinh noted that the city needs to open up space for innovation and boldly pilot new mechanisms and policies to build Ho Chi Minh City into a modern and smart metropolis, creating ripple effects, urban regional linkages, and sufficient competitiveness for regional and international integration, thus continuing to promote its role as a driving force for the region and country.

With its steadfast revolutionary tradition, dynamism, creativity, and the entrepreneurial spirit of its people, businesses and government, there is confidence that Ho Chi Minh City will always demonstrate its capacity to overcome all challenges, effectively promote its leading role, and, together with the whole country, steadily enter the new era.