This afternoon, Chairman Nguyen Van Duoc of the HCMC People's Committee had a working session with representatives from various domestic and international businesses operating in the city. The meeting aimed to gather insights, address challenges, and explore solutions to drive economic growth.
In this meeting, enterprises voiced their opinions about problems they are facing proposing specific solutions to improve the business environment to the city government.
The business community raised key concerns, including cumbersome administrative procedures, limited access to capital, high operating costs, and support policies that do not fully align with their needs. They urged Ho Chi Minh City to implement stronger reforms, streamlining administrative processes to facilitate investment licensing, enhance financial support, and improve infrastructure for business operations.
Additionally, they proposed initiatives to connect enterprises with domestic and international resources, fostering sustainable growth.
Chairman Nguyen Ngoc Hoa of the Ho Chi Minh City Business Association (HUBA) outlined five key issues that the city's business community is deeply concerned about. Specifically, Hoa urged city authorities to streamline administrative procedures, which he said are directly impacting business operations.
Next, he highlighted the necessity for the city to address unfinished projects, with a particular focus on underutilized resources. Presently, many state-owned enterprises remain unprivatized and have not activated their projects and land assets. A mechanism is needed to mobilize these resources and bring them into active use, thereby contributing to the economic growth of the city.
Next, according to him, the city needs to focus on resolving backlog projects, especially resources that have not been effectively exploited. Currently, many state-owned enterprises have not been equitized, and have not put projects and land funds into operation. There needs to be a mechanism to remove these resources to put them into operation, contributing to the economic development of the city.
He emphasized the importance of facilitating domestic enterprises' participation in public investment projects. For instance, enabling capable domestic firms to engage directly in large-scale projects or serve as supporting entities for key investments is essential. Such an approach not only fosters the growth of domestic businesses but also stimulates economic momentum, contributing to the southern metropolis’ sustainable development.
According to Executive Director Travis Mitchell of AmCham in Vietnam, foreign enterprises remain confident in the development of the Vietnamese economy, particularly in Ho Chi Minh City. While there are still concerns about the macroeconomic situation, these challenges are viewed as temporary. In fact, Vietnam's long-term development potential is considered substantial. U.S. businesses are especially interested in enhancing the quality of Vietnam's human resources and believe the cooperative relationship between the two governments is positive.
Mr. Travis Mitchell asserted that to foster economic growth in the southern largest city and Vietnam as a whole, the US business community proposed addressing four key issues. Firstly, as Vietnam streamlines its administrative apparatus, businesses seek a clear communication channel to receive timely information, facilitating the resolution of emerging challenges.
Secondly, he emphasized the importance of increasing transparency in policy decisions. Thirdly, he noted that Vietnam should prioritize developing its infrastructure. Presently, US businesses are worried that underdeveloped infrastructure could impede future growth. Numerous businesses with strong financial potential are very interested in the Ho Chi Minh City market, but have been hesitant to invest due to concerns about transportation infrastructure, seaports, airports, and administrative challenges.
In addition, a stable power supply is also an important factor. US businesses are moving production to other countries, including Vietnam. However, they are having difficulty finding a reliable and stable power supply. Businesses hope that the Government will have a more transparent policy on this issue to ensure uninterrupted production.
On the government side, Ho Chi Minh City leaders thanked for business' valuable opinions recognizing the candid feedback and deeming it a vital foundation for refining management policies. The city reaffirmed its commitment to improving the investment climate, strengthening dialogue between the government and businesses, and advancing programs to support business recovery and development following economic fluctuations.
Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc emphasized that, in the context of many economic challenges, the city government wants to cooperate more closely with the business community to find effective solutions. Improving the business environment not only helps businesses overcome immediate difficulties but also pave the way for the city’s long-term development.
City leaders highly appreciated the valuable contributions of businesses to the overall development of Ho Chi Minh City. On this occasion, they expressed their respect and gratitude for the continuous efforts of the business community in the past time.
City leaders acknowledged that despite its achievements, Ho Chi Minh City still has many untapped potentials and advantages. Certain barriers in the investment environment, particularly administrative procedures, continue to pose challenges for businesses. Therefore, the focus must be on improving the business environment, creating more favorable conditions for enterprises, targeting double-digit economic growth, and contributing positively to the city's sustainable development.
