When one hears about the word megacity, they immediately think it pertains to rapid urbanization along with fast economic development. This is the same perspective that follows the commercial capital of Vietnam, Ho Chi Minh City. One cannot deny the changes the city has gone through from hotels to rooftop bar in Saigon to shopping centers.
Simply put, megacity refers to a city with a population that is more than 10 million. When the city has reached this demographic, the government is expected to create more large-scale projects in order to have infrastructure that will work well with other regions.
According to reports, the population of Ho Chi Minh City at the end of last year has already reached 8.7 million. It is noted how the city does not have a cluster plan which is why the commercial city is not able to meet the metrics expected of it. There are many reasons to believe that Ho Chi Minh City is already on its way to transform into a megacity. Just a few more years and the city will be able to reach more than 10 million in population.
This is the reason why the city is intent to create a regional economy that will surpass Vietnam and other countries in the Southeast Asian region. Its city cluster scheme is far from that of China but it is creating a dual track program – improving infrastructure and integrating Southern Key Economic hub.
There are many factors that contributed to the grown of Ho Chi Minh City including technology firms and multinational investments that chose the city compared to any other parts of Vietnam. The city is also home to the top universities in the country, the biggest international airport and research centers. It holds the title of being the most developed city in the entire nation, which makes it the central point of the economy of Vietnam.
Ho Chi Minh City is responsible for 22 per cent of the total GDP of the nation and it in the previous year it accounted for 29 per cent of the entire financial capital. The city is now home to the best hotels, the best rooftop bar in Saigon and one of the most visited cities in the region.