Business

Proper investment needed to develop night-time economy

The night-time economy of major cities in the country has remained underdeveloped due to a lack of proper investment and an absence of a legal framework and policies to promote it, authorities said.
Proper investment needed to develop night-time economy ảnh 1Illustrative image (Photo: VNA)
HCM City (VNS/VNA) - The night-time economy of majorcities in the country has remained underdeveloped due to a lack of properinvestment and an absence of a legal framework and policies to promote it,authorities said.

The night-time economy is increasingly being recognised as a driver of economicgrowth globally, said Do Thang Hai, deputy minister of Industry and Trade.

In Vietnam, the night-time economy has tremendous potential to play a role increating new jobs, improving incomes of locals and promoting domesticconsumption and tourism, Hai said at a meeting held in HCM City recently.

In 2020, the Prime Minister approved a night-time economy development projectwith the aim of exploiting the potential of the night-time economy to promoteoverall economic growth and improve incomes for residents, he said.

Municipal and provincial authorities need to conduct research to formulateappropriate plans tailored to the specific socio-economic conditions, he added.

Nguyen Nguyen Phuong, deputy director of HCM City Department of Industry andTrade, said there is not much investment for developing the night-time economyin the city, leaving potential growth untapped.

Essential investment for developing the night-time economy includes publictransport systems, infrastructure, pedestrian areas, and a wide range ofservices and products for nighttime activities, Phuong said.

The city’s socio-economic development master plan that integrates a plan ofnight-time economic development has not been issued, he said.

Regulations on the management of a night-time economy have not been put inplace, he added.

Asso. Prof. Nguyen Quyet Thang from the University of Technology in HCM Citysaid that the night-time economy makes a significant contribution to theoverall economy and employment and encourages tourism globally.

The night-time economy contributed 70 billion GBP (83.6 billion USD) to the UKand 400 billion JPY (2.97 billion USD) to Japan in 2020, Thang said.
In Vietnam, night-time economy development remains modest in somemajor cities, he said.

It is crucial to raise the awareness of authorities and the public on thebenefits of the night-time economy, which is commonly perceived as ‘sensitive’economic activities, he said.

Fear of crime and challenges related to security and order and noise pollution havehindered the development of the night-time economy, he added./.
VNA
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