Revising Resolution 98 to Empower Ho Chi Minh City with a ‘New, Expansive, Beautiful, and Robust’ Framework

On the afternoon of November 27th, Mr. Nguyen Van Duoc, Chairman of the Ho Chi Minh City People’s Committee, shared valuable insights at the seminar titled “Special Mechanisms and Policies to Attract Investment and Strategic Investors to Ho Chi Minh City.” This event was jointly organized by the Central Policy and Strategy Board and Ho Chi Minh City, coinciding with the National Assembly’s anticipated adoption of a resolution amending and supplementing certain provisions of Resolution No. 98 on piloting special mechanisms and policies for the city’s development during its 10th session.

The seminar provided an opportunity to gather recommendations and proposals for innovative, breakthrough policies to propel Ho Chi Minh City towards becoming a leading international economic, financial, and commercial hub, on par with major global cities.

According to Mr. Nguyen Thanh Nghi, Head of the Central Policy and Strategy Board, Ho Chi Minh City plays a pivotal role in Vietnam’s economy, serving as a growth pole and the largest economic center, contributing over 23% to the national GDP. The city is a hub for outstanding achievements in industry, trade, services, seaports, and international integration.

Ho Chi Minh City is on its way to becoming a regional and global financial, manufacturing, logistics, and innovation hub. While Resolution No. 98 has positively impacted the city’s economic recovery and growth, it falls short of addressing all investment challenges.

To match its status as the country’s economic leader and a modern metropolis, Mr. Nguyen Thanh Nghi emphasized the need for more comprehensive and groundbreaking policies, including superior investment incentives and robust decentralization.

Hence, a revised resolution amending Resolution No. 98 is essential, incorporating new policies to attract strategic investors.

Addressing the seminar, Chairman Nguyen Van Duoc highlighted the city’s collaboration with the Ministry of Finance and other central agencies to draft the amended resolution, currently under review by the National Assembly Standing Committee for approval during the 10th session.

The city welcomes contributions and solutions to effectively implement the amended Resolution No. 98, providing a robust framework for future growth.

Mr. Duoc proposed three key discussion points, emphasizing the prioritization of strategic investors as development partners, not just capital providers. These partners should bring technological expertise, global market connections, and knowledge transfer to help the city escape the middle-income trap and accelerate growth.

He also suggested expanding priority sectors for strategic investors, including supporting industries, logistics, seaports, tourism, urban renewal, and key technologies like data centers and cloud computing for smart cities.

These measures will create a flexible legal framework for large-scale, impactful projects.

The third point focused on designing a comprehensive policy framework for planning approval, project selection, and investor choice, ensuring international alignment and stability.

Mr. Duoc stressed the city’s commitment to creating a transparent, fair investment environment, fostering collaboration with businesses, investors, and experts for mutual growth.

The National Assembly Standing Committee has agreed to submit the draft resolution amending Resolution No. 98 for adoption during the 10th session of the 15th National Assembly. This aims to enhance the legal framework, providing more effective mechanisms to attract strategic investors and resources for Ho Chi Minh City’s post-merger development.

The amendment is expected to establish a robust institutional framework, enabling the city’s pioneering development in its expanded urban context.