Vietnam's Ho Chi Minh City anticipates growth boost from new Urban Development Law

Ho Chi Minh City is poised for significant growth following the National Assembly's passage of the Urban Development Law, a move hailed as a catalyst for enhanced international integration and resource mobilization. The new legislation provides a crucial legal framework designed to support the city's development trajectory.

During a reception celebrating Vietnam's National Day, Mr. Nguyen Van Duoc, Chairman of the Ho Chi Minh City People's Committee, highlighted the nation's progress and the city's ambitious goals. He noted that Vietnam has become a developing country within the world's top 40 economies. Ho Chi Minh City, in particular, has seen substantial foreign investment and a significant increase in international tourist arrivals in the first seven months of the year. The city aims for double-digit growth by 2026.

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This is a historic event, bringing a new and tremendous driving force for the breakthrough development of Ho Chi Minh City in the future

Duoc emphasized that the Urban Development Law is a landmark achievement, creating a stable and long-term legal foundation for the city's advancement. "This is a historic event, bringing a new and tremendous driving force for the breakthrough development of Ho Chi Minh City in the future," he stated. The law is expected to facilitate the city's transformation into a global urban center by fostering both internal strengths and external partnerships.

The city is actively pursuing international cooperation, having established friendly relations with 88 foreign localities and nearly 20 international organizations. Duoc stressed the importance of foreign relations in attracting capital, knowledge, technology, and advanced management practices. He expressed gratitude to international partners and the Vietnamese diaspora for their contributions to the city's development.

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Must bring foreign relations to be a direct driving force for the city's development