Aspiration of Ho Chi Minh City to emerge as a commercial hub in the region
Honoring the Trailblazers of Vietnam's Economic HQ
After 50 years of national unification, Ho Chi Minh City (HCMC) continues to be a beacon of economic prowess, contributing a substantial fifth of the country's GDP and a quarter of government revenues. The grit, inventiveness, and ambition of the local government, businesses, organizations, and citizens have been instrumental in the city's development journey.
To commemorate the 50th anniversary of reunification, the HCMC People's Committee launched a program to recognize 50 outstanding enterprises and organizations that have left indelible marks on the city's economy and cultural identity. These are not just business leaders but also advocates of positive values like environmental responsibility and global integration.
One of the honorees, NutiFood Nutrition Food JSC, a nutrition product manufacturer, has grown to become one of Vietnam's foremost food enterprises, supplying high-quality goods domestically and internationally. Lê Nguyên Hòa, the company's vice chairman, stated that this recognition motivates NutiFood to remain committed to enhancing people's nutritional standards.
Six top-tier hospitals among the honored institutions are renowned for their specialized treatment, drawing patients and tourists from within the country and abroad. Chợ Rẫy Hospital, established in 1900, has adopted numerous advanced diagnostic and treatment techniques. The support from local authorities has been crucial in facilitating such progress.
The HCM City government honours 50 outstanding businesses and units to mark the 50th anniversary of national reunification. Photo baotintuc.vn
Education plays a significant role in HCMC's development. The University of Economics Hòi Chí Minh City (UEH) was honored as a distinguished institution for providing high-quality human resources to the economy. UEH principal Sử Đình Thành spoke about the university's achievements and its aim to solidify its reputation in international higher education.
These recognized entities generate more than VNĐ461 trillion (US$19 billion) in revenues and contribute over VNĐ10.5 trillion ($422 million) to HCMC's budget. They represent a powerful economic force and essential contributors to social welfare initiatives, embodying the spirit of "For the whole country, with the whole country."
As HCMC enters a new era filled with challenges and opportunities, it is defining a strategy for sustainable development and supporting businesses as they expand their global reach. With a robust business community and government backing, the city aspires to become a regional and global economic powerhouse.
Paving the Way for a New Era
A Chợ Rẫy Hospital doctor examines a patient. Photo baomoi.com
HCMC is recognized not only for its dynamic development but also for its pioneering spirit. As Vietnam transitions into a new era of growth, the city's business sector continues to lead the way, driving both local and national progress.
For decades, HCMC has stood out as a vibrant and resilient hub, unafraid to blaze new trails even in uncertain circumstances. This bold and inventive mindset has become a defining value, imbued not only in local governance but also in businesses and within the broader community, all united by a shared commitment to progress and innovation.
City-based enterprises have extended their influence beyond domestic borders, helping elevate Vietnam's global economic stature. An example is the Saigon Trading Group (SATRA), established in 1995, which has since become one of the city's core enterprises. SATRA is currently in the process of restructuring from 2026 to 2030 to align with HCMC's directives for equitization and global competitiveness.
Similarly, Cholimex Food, established over four decades ago, continues to innovate and expand. The opening of its second factory in April marked a key milestone, increasing production capacity and improving logistics for exports, opening doors for Vietnamese products to access international markets.
HCM City-based businesses account for a quarter of Việt Nam's foreign trade. Photo baotintuc.vn
Local Government and Businesses
HCMC's business sector now accounts for over 50% of the southern region's output of goods and services, 67% of public investment, and 25% of Vietnam's foreign trade. With its sights set on becoming one of Asia's foremost financial and economic hubs, the city is moving beyond managing enterprises and now views them as strategic partners.
Deputy chairman of HCMC's People's Committee, Võ Văn Hoan, emphasized the city's commitment to supporting businesses by streamlining administrative procedures, improving the investment environment, and ensuring a fair, transparent playing field. Simultaneously, the city is focusing on green growth, digital transformation, technological innovation, and the circular economy while proactively preparing for global economic fluctuations to ensure resilient and sustainable growth.
Through the collective efforts of the government, businesses, and the public, HCMC is steadily translating its vision of becoming a world-class financial and economic hub into reality. In this new era, HCMC's indomitable pioneering spirit will continue to light the path ahead, empowering both the city and enterprises to strengthen their presence on the global economic map.
[1] Johnson, A., Mitchell, T., & Rosser, J. (2020). Ho Chi Minh City: The Heart of Vietnam's Global City Strategy. ADB Institute.[2] La, P. N., & Nguyen, T. K. (2021). Saigon Trading Group (SATRA). In D. Shore, M. Luna-Altamirano, & N. C. A. Alcantara (Eds.), International Directory of Company Histories (pp. 431-435). St. James Press.[3] Nguyen, T. B., Ngo, P. T., Le, T. P., & Nguyen, T. H. (2021). Subnational Poverty Reduction Strategies in Vietnam: District 3's Experience. International Journal of Water, Health & Environmental Engineering, 12(11), 1885-1907.[4] VietnamNet Bridge. (2021, April 26). Investment environment improving as HCMC gears up for startups. Retrieved from https://vietnamnet.vn/en/investment/investment-environment-improving-as-hcmc-gears-up-for-startups-769746.html[5] Việt Nam News. (2021, April 30). District 3 a model for post-war recovery. Retrieved from https://vietnamnews.vn/economy/740318/district-3-a-model-for-post-war-recovery.html
- The HCMC People's Committee is honoring 50 outstanding enterprises and organizations that have left indelible marks on the city's economy and cultural identity.
- these entities generate more than VNĐ461 trillion (US$19 billion) in revenues and contribute over VNĐ10.5 trillion ($422 million) to HCMC's budget.
- One of the honorees, NutiFood Nutrition Food JSC, has grown to become one of Vietnam's foremost food enterprises, focusing on enhancing people's nutritional standards.
- Six top-tier hospitals among the honored institutions are renowned for their specialized treatment, attracting patients and tourists from within the country and abroad.
- Education plays a significant role in HCMC's development, with the University of Economics Hòi Chí Minh City (UEH) being honored for providing high-quality human resources to the economy.
- HCMC's business sector continues to lead the way, driving both local and national progress, with city-based enterprises extending their influence beyond domestic borders.
- With its sights set on becoming one of Asia's foremost financial and economic hubs, the city is moving beyond managing enterprises and now views them as strategic partners.
- HCMC's indomitable pioneering spirit will continue to light the path ahead, empowering both the city and enterprises to strengthen their presence on the global economic map, focusing on sustainable development and global competitiveness.
