PM wants HCM City to maintain leading economic position

17-Oct-2020 Intellasia | The Saigon Times | 6:02 AM Print This Post

With its potential and advantages, HCM City should maintain its position as the leading economic hub in the country and help stimulate the economic development of the southern region and the whole country, noted prime minister Nguyen Xuan Phuc.

At the 11th congress of the HCM City Party Committee on October 15, PM Phuc emphasized the role of HCM City, saying that the city’s economy has grown fast over the past five years. In the 2016-2019 period, the city posted an annual gross regional domestic product (GRDP) growth of 7.72 percent and made up over 22 percent of the country’s gross domestic product and 27 percent of the State budget revenue.

The quality of life of the local residents has also improved. HCM City is the first locality in the country to propose the smart city project, the local media reported.

It is also the largest innovative startup centre nationwide.

However, the government leader also pointed out the city’s shortcomings. Specifically, the city’s growth has yet to correspond with its potential and extremely important position. Moreover, new driving forces of the city’s growth have yet to be identified clearly and science-technology has not been an important part of its development.

Therefore, PM Phuc asked the city to fulfill new tasks while eliminating shortcomings. He highly evaluated the city for concretising targets and the four development plans in the 2020-2025 period with a vision to 2030.

The city should enhance connections with other localities in the southeastern, Central Highlands and Mekong Delta regions and ensure harmony between socioeconomic development, environmental protection and climate change adaption so that the city can soon become a high-quality centre of education, healthcare, culture and sports in the region and the world.

According to a report delivered by municipal chair Nguyen Thanh Phong at the congress, based on its achievements over the past periods, the HCM City government has set a target for its annual GRDP per capita at some $8,500-9,000 by 2025.

It is hoped the figure will reach $13,000-14,000 by 2030 and $40,000 by 2045.

In addition, the city expects to be a smart city and remain the leading economic centre and the driving force of the southern key economic zone and the whole country.

By 2030, the city will become an economic, financial, commercial, scientific and technological centre in Southeast Asia.

By 2045, the city seeks to become an economic and financial hub in Asia and an attractive destination with sustainable development, offering optimum living conditions for the residents. The city will also strive to be among the 60 happiest cities worldwide and the 100 cities with the highest quality of living.

Phong said HCM City, the country’s economic hub, always contributes the most to the State budget, with nearly VND1,500 trillion (US$66 billion) in the 2016-2010 period.

In 2020, the city expects to collect some VND405.8 trillion for the State budget. Meanwhile, the city’s spending in the 2016-2010 period was estimated at VND356.7 trillion.


Category: Economy, Vietnam

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