In this context, the “weekend economy” model is seen as a promising approach. However, to tap into its potential, the city needs to address multiple issues simultaneously, including planning, institutional frameworks, and urban operational organisation.
From existing potential to “untapped capacity”
A recent survey shows that the city’s weekend economy is not a new concept, as it has long existed in the form of spontaneous consumption, leisure, and entertainment activities in urban life. However, most activities remain fragmented, lack connectivity, and have not been organised into a complete economic structure.
Formed at the end of 2022, Nguyen Thuong Hien Food Street (Ban Co Ward), located in the city centre, was once expected to become an attractive destination for young people and tourists, but reality has not met expectations. Business activities there are relatively quiet, even at weekends. Visitors find it difficult to fully experience the city’s specialities due to the small scale of shops and the lack of parking facilities.
Dr Nguyen Luu Bao Doan, from the University of Economics Ho Chi Minh City, commented that Ho Chi Minh City has a clear foundation for developing the weekend economy, with a population exceeding 14 million, steadily improving income levels, and a rapidly expanding middle class.
According to the survey, retail and food service sectors alone account for around 20% of total employment in the business sector. In addition, 94% of respondents believe that developing the weekend economy is necessary or very necessary; more than 95% believe that this model could become a new growth driver; and 80% are willing to participate and invest if clear mechanisms are in place.
This model demonstrates great potential and has proven effective in major cities around the world, where the weekend economy is not merely an extension of the night-time economy, but a “second economic cycle” operating alongside the administrative production cycle during the week.
According to Pham Huy Binh, Director of the Ho Chi Minh City Department of Tourism, the city has significant potential in terms of population scale, urban characteristics, and income levels to develop the weekend economy. However, in practice, weekend spending has yet to match this potential. In fact, residents tend to leave the city at weekends to seek experiences in nearby localities, while visitors to the city lack sufficient motivation to extend their stay.
The city needs not only to diversify its products but also to build an appropriate operational environment, such as improving traffic during weekend peak hours, effectively utilising public spaces, extending service hours, and creating suitable mechanisms. This is not solely an issue for the tourism sector but a cross-sectoral matter requiring coordinated efforts across multiple fields to increase service revenue, enhance quality of life, and boost the city’s attractiveness.
Removing policy bottlenecks
Many experts believe that despite its great potential, this model still faces major obstacles, such as the lack of dedicated spatial planning for the weekend economy, an inadequate legal framework, and limitations in transport infrastructure and parking facilities.
In addition, the lack of inter-sectoral coordination mechanisms and workforce availability during weekends is also considered a significant bottleneck. This indicates that the main barrier to the weekend economy lies not in market demand or business readiness, but primarily in institutions, planning, and urban governance, with the abovementioned case of Nguyen Thuong Hien Food Street being a clear example.
Master Vu Thi Thu Huong, from the Ho Chi Minh City Institute for Development Studies, stated that without a time-based coordination mechanism, weekend activities are forced to operate spontaneously, therby lacking direction and being unable to accumulate into a stable structure.
From this reality, Vu Thi Thu Huong suggested that the city needs to shift from a “spatial management” mindset to “time-based governance”, in which policies influence the rhythm of urban operations to regulate activity timeframes, organise inter-regional transport, and design infrastructure capable of adapting to different time periods. In addition, establishing a sufficiently strong coordinating mechanism with real authority, acting as the “ecosystem designer” for the weekend economy, is something that management agencies need to consider when implementing this model.
From a business perspective, Hoang Hai Vuong, Deputy General Director of Nam A Bank, stated: “Businesses recognise the opportunities and are making preparations to participate more deeply in the weekend economy model. We will organise operational infrastructure effectively, with the One Bank automated transaction system already widely deployed, allowing expansion into a 24/7 service model, including weekends and holidays.
In addition, the bank is oriented towards integrating experiential elements by incorporating cultural and service spaces into transaction points, transforming the bank into a destination within the weekend consumption ecosystem. Nam A will also design dedicated financial solution packages for different groups, enabling these entities to directly operate within the weekend economy.”
Experts also emphasised that infrastructure investment must be given due attention. Weekend economic spaces will only be effective when conveniently connected to comprehensive infrastructure. In addition, digital infrastructure and cultural industries should be considered key factors. As one of the new formations of the economy, this model not only aims to increase revenue but also takes a new approach to optimising the use of urban infrastructure, improving quality of life, and enhancing the city’s competitiveness.
