According to experts and overseas Vietnamese entrepreneurs, Vietnam in general and HCMC particularly must promptly cut informal expenses to take advantage of opportunities to attract foreign investors, turn strong potentials into power for the economy and participate in the global supply chain.
Speaking at the event, Vice Chairman of the municipal People’s Committee Vo Van Hoan said that when the city returns to the new normal state, it will cope with many problems and need solutions to recover the economy and ensure social security as well as be developed comprehensively and stably.
He asked the Committee for Overseas Vietnamese Affairs of HCMC to record opinions and coordinate with relevant departments and units along with overseas Vietnamese to implement the suggestions.
Participating in the video conference, Dr. Vu Minh Khuong, Associate Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore stressed that solidarity among people at this time is one of the most important things. Besides, the municipal authorities need to provide mechanisms for State officials to move forward and devotedly serve the people; and build a resonant economic area called HCMC +6 included the city and six neighboring provinces of Binh Duong, Dong Nai, Ba Ria-Vung Tau, Long An, Tien Giang and Tay Ninh with the population of 20 million people covering on an area of 23,000 km2, contributing 35 percent of the country’s gross domestic product (GDP) equivalent to US$100 billion in 2019.
Vietnamese American professor Ha Ton Vinh suggested HCMC turn into an e-government offering services online and simplifying forms and reducing corruption; shift into the circular economy model with the 5R principles of reuse, repair, refurbishment, re-manufacturing and recycling.
Founder and Chairman at 365group.vn, Dinh Vinh Cuong said that informal costs are barriers for investment capital flows. They have to be removed to take golden opportunities to attract foreign investors.