The goal of building a "megacity" by expanding geographical space and economic scale - merging HCMC with nearby areas like Binh Duong and the former Ba Ria-Vung Tau - is not only a strategic step but also a bold aspiration to elevate the Southern key economic region to international stature.

To turn this ambition into reality, HCMC has been clearly focusing on two core solution groups: creating economic growth momentum and thoroughly addressing urban issues arising from high population density.

A dual lever for global integration

The ongoing 1st Party Congress of HCMC for the 2025–2030 term marks a significant milestone, affirming the vision to build a "HCMC megacity", a dynamic economic zone converging strengths in manufacturing, services, finance, and logistics.

To realize that vision, a fundamental question arises: what directions must the megacity pursue to become a true international hub, on par with top regional cities?

Le Thanh Hai, director of the HCMC Center for Economic Consulting and Application, stated that the city should concentrate its resources on two key growth engines: building an international financial center and developing a modern seaport-logistics system. 

"These are two major opportunities, leveraging inherent strengths, forming a dual engine that drives global economic integration and enhances the city’s competitive position," he said.

According to Hai, the development of the HCMC International Financial Center in Thu Thiem is considered the nucleus of a knowledge-based economy, a place that gathers financial institutions, banks, investment funds, and multinational enterprises. It not only serves as an economic zone but also as a symbol of Vietnam’s institutional capability and openness.

To attract high-quality capital flows and become a leading space for creative economic activities and financial technology (fintech), HCMC must operate this area with a flexible policy, such as a financial sandbox, competitive tax policies, and high digital infrastructure. The city can draw lessons from successful models in Singapore and Dubai.

Second, HCMC's megacity logistics and seaport system need to be planned with a focus on modernization and regional connectivity while ensuring operational efficiency.

"Reducing transport costs and effectively exploiting the Cat Lai - Hiep Phuoc - Cai Mep port cluster will help form an international cargo transshipment center with digitized infrastructure and a green logistics corridor,” Hai said. 

“This synchronized development will serve the city’s import-export trade, but also help Vietnam become a strategic link in global supply chains, especially in the context of production shifts to Southeast Asia," Hai said.

When finance drives capital and logistics ensures smooth goods circulation, catching up with regional megacities becomes an achievable goal. HCMC will then emerge as a symbol of an open and innovative knowledge-based economy.

TOD urban development 

However, alongside its economic ambitions, the HCMC megacity has long faced challenges from high population density, such as traffic congestion, environmental pollution, flooding, and infrastructure overload. These pressures have become harder after the planned mergers.

Pham Tran Hai from the HCMC Institute for Development Studies, said to thoroughly address these challenges, the city must apply a wide range of solutions, with a multi-objective approach centered on Transit Oriented Development (TOD).

The TOD model is a long-term urban development strategy focusing on areas around public transit hubs such as metro (MRT) and bus rapid transit (BRT) lines. Land in TOD zones is organized for mixed-use, with high floor area ratios and multiple amenities.

Hai explained that TOD urban development brings multi-dimensional benefits, like ensuring convenient travel and living in amenity-rich areas for residents; benefits for investors (ensuring passenger volumes, attracting land around stations to recover transit investment costs) and state benefits.

TOD contributes to sustainable urban development by reducing traffic jams, environmental pollution from fewer private vehicles, while developing compact urban areas around stations to reserve land for social and technical infrastructure like green spaces, open areas, and water regulation spaces.

Currently, TOD development in HCMC has legal basis from Politburo Conclusion No 49-KL/TW, National Assembly Resolution No98/2023/QH15 on special mechanisms, plus other specialized resolutions.

To turn this ambition into reality, HCMC has been clearly focusing on two core solution groups: creating economic growth momentum and thoroughly addressing urban issues arising from high population density.

Ho Van