Illustrative image (Photo: VNA) 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
