Speaking during a discussion session of the Ho Chi Minh City delegation to the National Assembly on the morning of October 18, HCMC Party Committee Secretary Tran Luu Quang affirmed that the city’s overarching principle is to prioritize sustainable development, striving for growth to contribute directly to the overall stability of the national economy.
Citing a warning from the Chairman of the the National Assembly's Economic and Finance Committee, Secretary Tran Luu Quang emphasized that the broader economy could face significant challenges if the four localities serving as the nation’s primary growth engines fail to meet their established growth targets.
Ho Chi Minh City Party Secretary Tran Luu Quang analyzed that the city accounts for up to 23.4 percent of the country's GDP. If HCMC falls short by 1 percent, 33 provinces and cities combined would each have to shoulder an additional 0.25 percent to compensate for the city's deficit. Conversely, if the city increases its contribution by 1 percent, it would be highly encouraging, as 1 percent for the city is equivalent to around VND30,000 billion, or nearly US$1.2 billion.
HCMC’s drive for stronger growth is not solely a municipal objective. As the nation’s economic hub, the city’s performance plays a critical role in maintaining macroeconomic stability and advancing national growth targets.
Addressing the principle of “sustainable development, not growth at any cost”, he cited land-auction revenues as an example of the city’s long-term approach to economic management. Although Ho Chi Minh City had expected to generate more than VND90 trillion from land auctions, it has decided to postpone the sales, judging that current market conditions do not yet reflect the land’s optimal value. The auctions will instead be carried out in the coming years when conditions are more favorable.
Secretary Tran Luu Quang affirmed that by carefully leveraging every available resource and growth driver, HCMC is implementing a comprehensive set of breakthrough solutions to stimulate economic expansion.
Reaffirming the principle of “sustainable development, not growth at any cost,” HCMC Party Secretary Tran Luu Quang cited land-auction revenues as a clear example of the city’s long-term approach to economic management.
Although the city had projected more than VND90 trillion in revenue from land auctions, it has decided to hold off on sales under current market conditions, assessing that land values have yet to reach their optimal level. The auctions will instead be deferred to future years.
The HCMC Party Secretary said the city is pursuing a broad package of breakthrough measures to accelerate economic growth, while ensuring sustainability, by effectively mobilizing all available resources and growth drivers.
The Secretary further noted that, moving beyond the traditional approach of simply "putting goods on the shelf for sale," the city is shifting toward proactively ensuring that the public has the purchasing power to engage in consumption. The strategy is being implemented by promoting e-commerce and digital commerce, leveraging the MoMo e-wallet, and partnering with banks to offer Buy Now Pay Later (BNPL) credit options, enabling residents to take advantage of year-end discounts. The city is also encouraging businesses to distribute Tet bonuses earlier in the calendar year (in November or December) to provide residents with the financial means to shop sooner at more favorable price points, while also shifting consumer habits away from concentrating all spending immediately before the Tet holiday.
Furthermore, the city is proactively integrating services through a series of large-scale music and entertainment events. High-profile concerts such as those featuring the popular shows Anh trai say Hi (Brother say Hi) and Anh trai vuot ngan chong gai (My brother overcomes a thousand obstacles) performances by major artists, and international DJ events have proven highly effective in attracting tourists.
In parallel, the city is focused on addressing bottlenecks and accelerating the disbursement of public investment capital, as well as funds for projects under Build-Transfer (BT) contracts, to stimulate the flow of capital into the economy.
In closing, Secretary Tran Luu Quang expressed confidence that the collective commitment, responsibility, and determination of delegates and officials across all sectors would enable Ho Chi Minh City to achieve its socio-economic development targets. He said these efforts would not only sustain rapid growth but also lay a strong foundation for the city’s long-term and sustainable development.
