HCM City sees breakthrough developments
The southern metropolis of Ho Chi Minh City has gained significant socio-economic accomplishments since the liberation of the South and national reunification on April 30, 1975.
A corner of HCM City (Photo: VNA)Over the past 42 years, HCM City has made remarkable contributions to national building, defence, industrialisation, modernisation, and international integration.
The city was one of few localities in Vietnam to record double-digit growth for many consecutive years from 1991-2010 thanks to the creative implementation of the Party’s guidelines on developing the socialist-oriented market economy.
It recorded annual average growth of 9.6 percent between 2011 and 2015, 1.66 times higher than the national average.
In 2016, the city achieved economic growth of 8.05 percent. The economic structure was shifted to services and industry-construction, which made up 54.8 percent and 28.76 percent of the municipal gross domestic product (GDP) respectively. The agricultural sector only comprised 0.8 percent of GDP.
HCM City has long been one of the most attractive foreign direct investment (FDI) destinations.
In 2016, the city lured 3.7 billion USD, raising total FDI to approximately 41 billion USD, with 6,485 foreign investment projects.
The FDI sector contributed 23.8 percent to the city’s GDP.
Per capita GDP increased to 5,428 USD in 2016 from 712 USD in 1995-1996.
HCM City is considered a bridge connecting the southern region with the south central and Central Highland regions and plays a crucial role for the development of the southern key economic region.
These achievements were attributed to the city’s focus on planning urban areas, industrial and processing parks, and developing transport infrastructure.
The southern economic hub has also made strides in culture, society, education-training, and human resources.
It is one of the leading localities in national universal secondary education.
The healthcare system has been developed with the increasing use
of modern technologies in medical examination and treatment.
So far, 54 out of the 56 communes in the city have been
recognised as new-style rural areas.-VNA
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