Reviewing some obstacles in the implementation of projects in the past time, it will be seen that metro line No. 1 project is prolonged due to procedures, strategic infrastructure projects are hindered by authority, and investment opportunities are missed due to slow procedures.
The Special Urban Law will solve those shortcomings with appropriate regulations, allowing self-determination to implement projects within the control framework. The Special Urban Law empowers Ho Chi Minh City to proactively plan areas, decide on infrastructure linkage projects, and lead development instead of waiting for coordination, mobilizing resources that cannot only rely on the budget.
As a megacity that needs huge capital, to develop, Ho Chi Minh City must attract private investment, effectively exploit land funds, and experiment with new financial models. All of these need a clear legal corridor.
With the demands of Ho Chi Minh City in the new development phase, the Special Urban Law will allow a more flexible financial mechanism, internationally competitive preferential policies, and experiment with new models without "reaching the legal ceiling".
A large city not only needs to develop quickly, but also needs good governance. Therefore, the Urban Law is especially an opportunity to apply a digital governance model, increase accountability, control power along with decentralization.
Currently, the Capital Law is considered one of the important pillars for building the Law on Special Urban Areas. Ho Chi Minh City needs to study and inherit appropriate contents from the revised Capital Law to transform into the Law on Special Urban Areas.
Except for some specific policies, regulations on urban management, environment, population, investment and projects can all be applied to special urban models.
Ho Chi Minh City is the economic locomotive, the city accelerates, then the whole country benefits. Ho Chi Minh City can become a model of super-urban governance, creating valuable experiences for other localities to learn in the development process. Conversely, if Ho Chi Minh City is restrained, national growth is affected, and regional competitiveness opportunities decrease.
And, to achieve Vietnam's double-digit growth target in the long term, it is necessary to create conditions for Ho Chi Minh City to increase its momentum right now. The Special Urban Law is therefore not a "local privilege" but a national lever.
