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Domestic gold prices opened the week with declines across both jewelry and bullion compared with last week’s close, as global gold prices fell after stronger-than-expected US payroll data increased expectations that the Federal Reserve will keep interest rates higher for longer. Domestic bullion and jewelry prices at 8:45 a.m. (April…
Experts at a policy seminar on the draft “Special City Law – Breakthrough policies and development space for Ho Chi Minh City in the new era” said the proposed legislation is intended to remove institutional bottlenecks, expand the city’s development space, and help Ho Chi Minh City align more closely with international standards. The seminar was organized by the City People’s Committee in collaboration with Vietnam National University Ho Chi Minh City.
Prof. Dr. Tran Hoang Ngan, chair of the Advisory Council for Breakthrough Development at the University of Ho Chi Minh City, said developed countries have enacted dedicated legal frameworks for major cities, citing examples such as a Seoul law in Korea, a Tokyo law in Japan, and mechanisms for Shanghai and Shenzhen in China. He argued Vietnam should move toward a Ho Chi Minh City law rather than relying only on pilot resolutions, creating a stable legal corridor to strengthen investor confidence and provide a long-term basis for bold governance.
Ngan emphasized that Ho Chi Minh City, described as the nation’s economic engine contributing more than a quarter of the national budget, needs a legal framework that is “wide enough, flexible enough, and sustainable enough” to determine its own development path within the country’s broader operations.
He also urged the city to summarize implementation issues encountered under Resolutions 54, 98, and 260 so the Special City Law can address bottlenecks more comprehensively. At the same time, the new law should maximize policy directions oriented by the Politburo to develop and deploy growth drivers effectively.
Prof. Dr. Vu Minh Khương of the Lee Kuan Yew School of Public Policy (National University of Singapore) described the draft law as a historic opportunity for Ho Chi Minh City to make a breakthrough. Khương proposed building a brand around three core values (3H): Hope (inspiring national confidence), Valor (symbolizing international integration), and Synergy (creating resonance with other localities).
Khương also proposed a strategic five-star model for the city’s development:
Khương said that if designed around these five stars, Ho Chi Minh City could mobilize substantial resources to lead the region and gradually reduce dependence on the central budget.
Prof. Dr. Thai Thi Tuyet Dung, head of the Legal Committee at Vietnam National University Ho Chi Minh City, proposed mechanisms to strengthen the Special City Law. Under the principles of devolution and decentralization, she suggested granting the City People’s Council and the City People’s Committee authority to issue normative legal documents that are distinct from central Government rules, enabling decisive decentralization without conditional approvals from higher authorities.
On rule-making authority, Dung argued the law should establish a special mechanism that allows the urban government to proactively issue legal documents not only to implement the law but also to adjust and simplify procedures and jurisdiction currently regulated at the central level. She said this would support administrative reform, scientific-technology development, innovation, and digital transformation.
Mr. Tran Cao Vinh, Deputy Director of Vietnam National University Ho Chi Minh City, said decentralization in practice and reform of legal thinking in the draft Special City Law could create breakthroughs in urban finances and land management, describing financial autonomy as the “lifeblood.” He also called for establishing an independent sandbox for fintech, digital assets, and strategic technologies, and for reorganizing the urban administration structure by function and urban clusters rather than administrative borders. He added that the Special City Law could serve as a precedent for refining growth poles across the country in the future.
Regarding organizational structure and attracting talent, Dung proposed broader empowerment for the City People’s Council in deciding on organizational structure, staffing, establishment or dissolution of specialized agencies, and autonomy for public service units.
Nguyen Ky Phung, head of the Management Board of the Ho Chi Minh City High-Tech Park, supported the direction but cautioned about two issues: control mechanisms and implementation resources. He said that while the draft grants strong powers, implementation after passage may face difficulties without appropriate control mechanisms and sufficient resources.
Phung stated that the financial mechanism is a major bottleneck and that Ho Chi Minh City needs strong financial resources and flexible tools to reach an internationally respected standard. He said the law should include a tailored financial mechanism to ensure feasibility, along with an independent control mechanism and a clear accountability regime defining responsibilities for individuals and organizations involved in execution.
The article also noted that Ho Chi Minh City has begun steps to define space for multi-center urban development. It said the city established a Steering Committee to study and propose building the Special City Law and is pursuing a new land-price coefficient aligned with the market rather than a uniform approach.
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