HCM City to enjoy a special status for further growth

21-Jul-2016 Intellasia | VOV5 | 6:00 AM Print This Post

HCM City’s high growth rate will provide momentum for Vietnam’s economic development.

The newly-approved master plan until 2020 and vision until 2025 aim to turn HCM City into a special urban centre which will lead Vietnam’s industrialisation and modernisation process.

Last year, the city’s GDP growth was nearly 10 percent and accounted for one third of the national GDP. Its export turnover was over $30.5 billion, 19 percent of Vietnam’s exports.

Dinh La Thang, Secretary of the municipal Party Committee, said HCM City with an area of more than 2,000 km2, 24 districts, and a population of 10 million, has a potential for further growth. Thang called for a special mechanism to create a breakthrough.

“The city has the potential for double-digit growth. But it lacks a breakthrough mechanism for creativity, development, and the ability to make full use of available resources,” he said.

According to the master plan until 2020 and vision until 2025, HCM City will become a big centre for economics, finance, science, technology and human resource development for Vietnam and Southeast Asia.

The municipal leaders have asked the government to give them some autonomy in policy-making, finance, and infrastructure construction. Ho Chi Minh city will be treated differently from other localities in terms of budget contribution and earnings from import-export tariffs.

In a recent working session with the local authorities, prime minister Nguyen Xuan Phuc praised HCM City for its impressive growth and accepted many of its proposals.

He said, “The city needs to devise concise and clear sub-projects and submit them to the government for verification and approval. After consulting with the deputy prime ministers and ministers, the prime minister basically agrees with the city’s recommendations. Since we don’t have abundant resources, we need to adopt a special mechanism for HCM City to thrive”.

A resolution of the Politburo of the Communist Party of Vietnam (CPV) on HCM City’s tasks until 2020 allows the city to pilot its own policies to deal with problems arising during its development process whenever current state regulations are unavailable or unsuitable.

Before piloting any policy, especially on big and sensitive issues, the city must obtain government permission and be monitored by the government.



Category: Economy, Vietnam

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