Southeast Asia Information Port (www.dnyxxg.com) reports that Ho Chi Minh City's commerce and services sector has achieved breakthrough growth since the merger. In the first nine months of this year, the city's total retail sales of goods and services increased by 15.3% year-on-year, moving towards the annual target of 18%. This demonstrates the city's enormous potential in commerce and services, injecting new momentum into its development into a vibrant super-commerce and services center in Southeast Asia.
Commerce and services account for approximately 60% of Ho Chi Minh City's economic structure, maintaining stable growth over the long term and becoming a core engine driving the city's economic development amidst global trade fluctuations.
Data from major retail systems in the city shows a significant increase in consumer demand in the first three quarters of this year, especially during various consumption stimulus programs.
Nguyen Thi Bich Van, Communications Manager of Central Retail Vietnam Group, stated: "Our sales grew by 10% to 15% in the first three quarters of this year, and we expect to reach 20% to 30% during the year-end peak. To maintain price stability, we will launch various promotions and offers, and work closely with suppliers to optimize cost management and ensure price stability."
Following the merger, the city's commerce and services ecosystem has expanded, forming an efficient regional supply chain and reducing logistics costs. Ho Chi Minh City has made it clear that developing commerce and services is not only about increasing revenue, but also about expanding the region's overall growth potential. The expansion of administrative boundaries helps businesses reposition themselves in the market and restructure their supply and distribution systems to be modern and efficient.
Ly Kim Chi, Chairwoman of the Ho Chi Minh City Food and Food Enterprises Association, stated, "In the new environment of the merger of the three provinces and cities, businesses can reposition themselves and expand their markets, leveraging interconnected logistics to grasp overall consumer demand and achieve precise supply and market positioning."
Over the next five years, Ho Chi Minh City plans to develop modern commercial infrastructure, expand shopping malls, supermarkets, and convenience stores, upgrade traditional markets, and promote digital transformation and green logistics; it also plans to develop tourism and build the brand of "Ho Chi Minh City – An International Shopping Destination."
Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee, said, "We will build a convenient and modern transportation network to serve tourists. At the same time, we will construct TOD (Transit-Oriented Development) areas along the metro to support the development of commerce and services."
The development momentum brought about by the merger of the three provinces lays a solid foundation for the development of the city's commerce, logistics, and services. The new growth space provides opportunities for commerce and services to continue to leverage their advantages and achieve breakthrough development.
Bui Tho Hoang Vu, Director of the Ho Chi Minh City Department of Industry and Trade: “Ho Chi Minh City must become a major service center. Currently, commerce and services contribute 51% to the city's GDP. By 2030, and looking ahead to 2045, we will increase the scale and added value of the industry, making it as leading as sectors such as finance, banking, insurance, information services, healthcare, high-quality education, and tourism.”
Experts believe that to achieve these goals, the city needs to plan multi-level, cross-regional commercial infrastructure, strengthen industrial chains and regional linkages, reduce logistics costs, improve the quality of commerce and services, and create a green and intelligent business center targeting international tourists and high-income groups.
From a “super economic city” to a “regional super business center,” Ho Chi Minh City is steadily moving towards its goal of becoming a leading commerce and service center in Southeast Asia. (End)
