On June 10, Mr. Bui Ta Hoang Vu, Director of the Ho Chi Minh City Department of Industry and Trade, submitted a proposal to the HCMC People's Committee for approval of the outline of the project "Developing HCMC into a Major Service Center of the Country and the Region with High-End, Modern, and High Value-Added Services."
The proposal highlights that HCMC is a special urban area with the largest population and scale in Vietnam, contributing about 28.3 percent of the country's total annual budget revenue from 2011 to 2022. Effectively leveraging the development potential of HCMC, especially in the service sector, is crucial for promoting the socio-economic development of the Southeast region and the entire country.
In recent years, HCMC's economic growth model has been shifting in the right direction, focusing on nine key service sectors, namely wholesale and retail; transportation and warehousing; accommodation and catering services; information and communication; financial, banking, and insurance services; real estate; professional, scientific, and technological services; education and training; and health and social relief services.
The target for the 2021-2030 period is for the service sector's Gross Regional Domestic Product (GRDP) to maintain an average growth rate of 8.6 percent per year. From 2030 to 2040, and with a vision to 2050, the service sector is expected to continue growing at a rate higher than the overall economic growth rate.
According to the HCMC Department of Industry and Trade, developing this project is urgently necessary to help the city overcome existing obstacles and limitations, paving the way for future breakthroughs. The project’s goal is to position HCMC as a major service center for the country, as well as for Southeast Asia and Asia.
