HCMC needs US$44 billion for economic growth from 2021-2025: Vice Chairman

On March 28, at a press conference about the Ho Chi Minh City Economic Forum, Mr. Vo Van Hoan, Vice Chairman of the municipal People's Committee, said that the southern metropolis needs VND1 million billion (US$44 billion) to promote economic growth in the period 2021-2025.
HCMC needs US$44 billion for economic growth from 2021-2025: Vice Chairman ảnh 1 At the press brief 
Accordingly, the Economic Forum of Ho Chi Minh City, chaired by the municipal People's Committee on April 15, will be an opportunity for city leaders to exchange and discuss with local and foreign experts, scientists, organizations, and businesses in digital transformation and digital economy with the aim of unifying and raising awareness of digital transformation and digital economy.

Then, the city will look for possible solutions to promote the development of its digital economy, helping businesses citywide promote their creativity, increase their accessibility to new business models in order to improve the quality of their productivity and efficiency.

The Ho Chi Minh City Economic Forum 2022 will have the theme ‘Business Digital economy: The driving force for growth and development of Ho Chi Minh City in the future.

The forum will center around four main topics including the general picture of digital transformation in enterprises in Ho Chi Minh City, the vision and aspiration for 2030, Designing appropriate policies for the development of the digital economy in Ho Chi Minh City with the orientation till 2025 and vision to 2030, Digital transformation to enhance the competitiveness of enterprises: challenges and solutions, Digital transformation in enterprises: experiences and successful lessons of domestic and international enterprises.

At the forum, experts, business people, individuals, and representatives from organizations can propose recommendations on policy frameworks to encourage and manage digital economy development, promoting the role of stakeholders in the digital economy, technical ecosystem, digital economy, contributing to the same time to promote the construction of Ho Chi Minh City into a smart city.

Talking about the contributions of the digital economy to the city's economic development, said Mr. Pham Binh An, deputy director of the Ho Chi Minh City Institute for Development Studies, commented that the digital economy contributes 14.4 percent of the city's GRDP.

According to Mr. An, it is completely feasible to achieve the city’s goal of a 25 percent GRDP contribution rate in 2025, and 40 percent in 2030, because the growth rate of the digital economy always remains at double digits.

It must also be added that after more than 2 years of the Covid-19 pandemic, digitization technology, and the digital economy have spread very quickly globally, in business and social life.

Therefore, if the city does not have the right application, it will waste the resources of businesses, society, and people.

It is expected that the forum will have the participation of more than 900 delegates, including leaders of the Government, Vietnamese ministries and agencies, foreign agencies. The forum is the city's annual international event.

Previously, Ho Chi Minh City committed to the creation of favorable conditions for businesses to develop, especially in digital transformation.

Currently, the city has formed a consulting center that combines the development of policies to support digital transformation for businesses. At the same time, the city has coordinated with the World Bank to build 8 groups to support investment and economic development.

Ho Chi Minh City needs VND1 million billion to invest in developing the city's economy, but currently only has VND140,000 billion; therefore, the city is lacking the financial resources needed to promote economic development in the coming years. Accordingly, the southern metropolis will focus on mobilizing socialization and international financial resources to accelerate development.