HANOI, VIETNAM – August 3, 2025 – Prime Minister Phạm Minh Chính has issued a strong directive to the leadership of Ho Chi Minh City (HCMC), calling on Vietnam's southern economic hub to more effectively leverage its unique development policies and to lead the nation under the "5 Go Firsts" motto.
The Prime Minister's instructions came as he chaired a high-level conference focused on implementing the National Assembly's resolution to establish a new International Financial Center (IFC) in Vietnam, a project in which HCMC is poised to play a central role. The directives underscore the government's strategy to position the city not just as a domestic economic engine, but as a competitive player on the global stage.
Leveraging Special Mechanisms for Breakthrough Growth
At the core of the Prime Minister's message is the need for HCMC to make bolder and more efficient use of the "special mechanisms" granted to it by the central government. These mechanisms provide the city with greater autonomy in key areas such as investment management, state finance, urban planning, and resource management.
These policies were designed to cut through bureaucratic red tape and empower HCMC to attract strategic investors, foster innovation, and pilot new models for sustainable urban development. Prime Minister Chính emphasized that these tools are critical for the city to achieve breakthrough growth and its full potential as a major regional metropolis. The call to action is for the city to be more proactive and creative in applying these special powers to solve challenges and seize opportunities.
Leading the Nation with the "5 Go Firsts"
A key component of the Prime Minister's vision is for HCMC to serve as a national pioneer by embodying the "5 Go Firsts" (Năm đi đầu) motto. He has tasked the city with leading the country in five strategic domains:
Pioneering in Economic Growth and Innovation: Driving national GDP growth through high-tech industries, a vibrant startup ecosystem, and attracting high-value foreign direct investment (FDI).
Pioneering in Green Transformation: Leading the transition to a sustainable, low-carbon economy by championing renewable energy, green transportation, and circular economy models.
Pioneering in Digital Transformation: Serving as the country’s primary hub for digital innovation, including AI, big data, and fintech, and implementing a comprehensive smart-city framework.
Pioneering in Cultural and Human Development: Cultivating a dynamic cultural scene and developing a high-quality workforce capable of competing internationally.
Pioneering in International Integration: Deepening global ties in trade, investment, tourism, and diplomacy, acting as Vietnam’s primary gateway to the world.
Driving the International Financial Center Project
The Prime Minister also dedicated significant focus to the plan to establish an International Financial Center, a project of major national strategic importance. By chairing the conference on the project's implementation, he signaled the government's firm commitment to its success.
The IFC is envisioned as a world-class hub that will attract major international banks, investment funds, and financial corporations. Its goals are to mobilize significant international capital for Vietnam's development, create a large pool of high-skilled, high-income jobs, and elevate Vietnam's standing in the global financial system. The center, to be developed in HCMC's new Thủ Thiêm urban area, is seen as a cornerstone of Vietnam's long-term economic strategy.
In his concluding remarks, the Prime Minister reiterated that the central government has high expectations for Ho Chi Minh City. The city is tasked not only with accelerating its own development but also with serving as a crucial laboratory for new policies that can drive the entire nation forward.
