In Ho Chi Minh City, the fifth Industry and Trade Conference in five big cities took place in 2022 with the theme ‘Researching and building a suitable night-time economic development with advantages and practical conditions in localities’. This is an event in the series of conferences connecting supply and demand between Ho Chi Minh City and other provinces in 2022 organized by the HCMC Department of Industry and Trade.
Tourists watch HCMC at night on ships in Sai Gon River
Most conference participants said that night-time economic development appeared in Vietnam for a long time, especially in big cities. A representative of the Ho Chi Minh City Department of Industry and Trade said that street food booths sell foodstuff from 3 pm to 2 am the next day in many districts, attracting a large number of domestic and foreign tourists while still ensuring security and order, environmental sanitation, food safety to contribute to the development of city tourism.
Many night markets Nguyen Hue pedestrian street, Ben Thanh night market, Bui Vien walking street in District 1, and Hanh Thong Tay night market in Go Vap District attracted many locals and foreign holiday-makers.
The operation of food streets and night markets in general has had certain effects in meeting the needs of tourists and residents, creating more healthy entertainment points for tourists to experience, enjoy the food and keep the tradition. The city has done well to keep the safety and security of shoppers and tourists. Reviewing the development of the night-time economy in Ho Chi Minh City, Deputy Director of the city Department of Industry and Trade Nguyen Nguyen Phuong assessed that entertainment and night activities are a group of tourism products that are favored by all customer segments.
Acting Director of Hanoi Department of Industry and Trade Tran Thi Phuong Lan also advocated night-time economic development saying that Hanoi has been taking advantage of the strength and rich history of thousands of years of civilization with more than 5,000 ranked historical relics, including some recognized by UNESCO as a world cultural heritage for the development of the night-time economy; thereby, the capital city has achieved some initial results in recent years.
For example, the People's Committee of Hoan Kiem District organized the expansion of operating hours to 2 am for three-day weekends for service businesses in many streets and surrounding areas for promotion of the development of tourism, trade and services. Walking street is also the venue where hundreds of large and small cultural events take place, attracting the participation of many people, especially tourists.
However, representatives from localities with night-time economy admitted that the new economy model has not really contributed much to the economy.
Mr. Nguyen Nguyen Phuong said that investment in the development of the urban economy in Ho Chi Minh City is not commensurate with the potential and advantages of the city; From the development of products, services, facilities, and human resources to investment, arrangement of the transport network, the formation of pedestrian streets.
In particular, there is no complete legal framework to create favorable conditions for the development of financial accounting and risk control; the master plan on socio-economic development in the city, which integrates the content of the development of the pre-existing economy, has not yet been issued. Finally, there is no unified state management model for all types of operations of the new economic model.
Specifically, Da Nang currently does not have a separate planned area for the development of the night-time economy, some services are mixed with residential areas, affecting people's daily life. The Da Nang Department of Industry and Trade proposed the Ministry of Industry and Trade study and propose appropriate trade and service policies to promote the development of the pre-market economy, as a basis for provinces and cities to base on for the implementation of the new economic model.
Speaking at the conference, Associate Professor Nguyen Quyet Thang from the Ho Chi Minh City-based University of Technology said that cities should make most night-time economy because the new economy is a ‘chicken that lays golden eggs’. For instance, the night-time economy brought GPB70 billion (US$83,449,954,376) and JPY400 billion for Britain and Japan respectively in 2020.
By Lac Phong - Translated by Anh Quan
