Addressing existing bottlenecks, experts highlighted the need for strategic planning and international collaboration to achieve these goals.

At the Asian Meeting of the Econometric Society (AMES) 2024, economic experts met with Phan Van Mai, Chairman of the Ho Chi Minh City People's Committee, to discuss strategies for the city's development, focusing on green transformation.

During the meeting, AMES 2024 experts presented summaries of four scientific reports on global economy, population and social welfare, climate change, and talent attraction.

Chairman Phan Van Mai praised the AMES 2024 organizers for choosing Ho Chi Minh City as the host venue, bringing together economic experts worldwide. He emphasized that this is a valuable opportunity for the city to access scientific research essential for economic development.

In its growth journey, Ho Chi Minh City has encountered several "bottlenecks" hindering progress. Some of these issues were identified by AMES 2024 experts in their scientific reports. Resolution 98 allows the city to pilot specific mechanisms to attract high-quality human resources.

Ho Chi Minh City's vision for 2050 is to become a dynamic, creative, globally integrated city. The city's planning includes a robust economic restructuring focused on high-value, high-tech industries, digital transformation, green transition, and sustainable development.

"To lay the foundation for this development, Ho Chi Minh City is advancing three primary goals: completing connectivity infrastructure, refining management, and preparing resources, with a focus on human resources. To realize this development strategy, alongside internal potential, the city needs international cooperation and connections with organizations and experts," Chairman Mai shared.

Solutions for green transition

Regarding green transition, Chairman Phan Van Mai acknowledged that it is an inevitable trend. However, green transition differs across countries depending on their development stages. Therefore, Ho Chi Minh City requires input from AMES 2024 experts to begin this transition.

From a regulatory perspective, Professor Harrison Hong of Columbia University, USA, analyzed that demanding green production from businesses complicates operations and increases investment costs. Hence, a phased approach is necessary for green transition.

According to Professor Nguyen Duc Khuong, Chairman of AVSE Global, green transition is a complex challenge with two solutions for Ho Chi Minh City:

Firstly, changing mindsets through training programs at various levels. Future leaders and business owners must understand green transition, facilitating policy formulation and implementation.

Secondly, Ho Chi Minh City attracts significant interest from foreign investors, especially responsible investment funds, focusing on infrastructure projects positively impacting the environment and sustainable development. Thus, the city should organize regular green transition forums involving leading experts.

"To nurture large, globally competitive corporations, Ho Chi Minh City should support small and medium enterprises, which are agile and adaptable in changing business models. It takes time to become a leading enterprise, as exemplified by Viettel, VNPT, and FPT, which have built themselves over decades," Professor Nguyen Duc Khuong stated.

Regarding development strategy, Associate Professor Tran Chung from the Australian National University emphasized the need for an advisory board to monitor global economic fluctuations and connect with international experts.

"After Covid-19, the global economy experienced inflation. To control it, countries raised interest rates, leading to expensive money flows returning to major economies. As inflation stabilizes, we will soon shift to a cheap money trend. If Ho Chi Minh City has a strategic advisory board to read such situations, it can respond promptly and stay ahead," Associate Professor Tran Chung advised.

AMES 2024 took place in Ho Chi Minh City from August 2 to August 4, organized by the Association of Vietnamese Scientists and Experts Global (AVSE Global) in collaboration with the Banking University of Ho Chi Minh City and Leonard de Vinci Business School (EMLV), France.

Anh Phuong