Resolution 98/2023, issued by the National Assembly, has proven to be a significant catalyst for Ho Chi Minh City’s development over the past two years, as evidenced by numerous positive socio-economic indicators. However, with the city’s recent expansion and its newfound ambition, amending Resolution 98 is essential to attract strategic investors—the “eagles”—who can propel the city to new heights. The current context demands a fresh vision and a broader development framework, far removed from the circumstances that led to the original resolution.
Strategic investors bring more than just capital; they are conduits for advanced technology, modern management expertise, and global value chain integration. For a dynamic and ambitious metropolis like Ho Chi Minh City, successfully attracting these investors is pivotal to achieving transformative growth.
As tax incentives lose their allure, the city must pivot to non-tax tools to maintain a competitive business environment. Providing cleared land, coupled with favorable lease terms or extended rental periods for high-tech projects, should be a top priority to create a distinct competitive edge.
To stand out in a crowded regional investment landscape, Ho Chi Minh City must offer groundbreaking incentive packages. These should include streamlined land access, simplified administrative procedures, and support for developing a high-quality workforce. Co-funding research and development programs, facilitating technology transfer, and tailoring incentives to priority sectors and investor criteria will further enhance the city’s appeal.
However, even the most attractive policies will fall short if infrastructure fails to keep pace. Addressing bottlenecks such as traffic congestion, unreliable energy supply, and incomplete digital infrastructure must be a parallel priority. Amended Resolution 98 should maximize special mechanisms to reduce costs, shorten timelines, and foster a transparent, investor-friendly administrative environment.
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As economist Dr. Huỳnh Thanh Điền emphasizes, true breakthroughs require a radical shift in decentralization and empowerment. Past special mechanisms often faltered due to conflicting regulations in other laws. “Granting authority to the city while conditioning it on ‘legal provisions’ is akin to giving with one hand and taking with the other. Ho Chi Minh City needs genuine autonomy,” he argues.
In this spirit, amending Resolution 98 must involve institutional reform, granting the city the autonomy and flexibility to act decisively. Proposals such as allowing the city to designate investors, extending disbursement timelines to 10 years, and thorough decentralization of planning are transformative measures that will position Ho Chi Minh City as a regional and global economic powerhouse.
PHƯƠNG MINH
– 07:35 26/11/2025
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