An overview of Ho Chi Minh City (Photo VNA) HCM City (VNA) – The significantsocio-economic-cultural accomplishments that the southern economic hub of HoChi Minh City gained in 2017 will create a firm foundation for its strongerdevelopment in 2018 and the following years.
Importantmilestones
In 2017, the city recorded an 8.25 percentincrease in gross regional domestic product (GRDP), higher than the 8.05percent growth in the previous year. The economic structure shifted towards higherproportion of high-quality, high added value and highly competitive services.The export turnover was valued at 35.2 billion USD, up 15.1 percent.
[HCM City announces 10 outstanding events in 2017]
Domestic investment, including registered andsupplemented capital, reached over 899 trillion VND (39.5 billion USD), threefold against 2017, while foreign investment hit 6.38 billion USD, doubling the figureof the previous year.
HCM City received 5.2 billion USD in foreign remittances,70 percent of which were poured into investment, being an important financialresource to boost business production.
The index of industrial production (IIP)increased by 7.9 percent with four main industries of mechanics-manufacturing,electronics-information technology, chemical industry-plastic-rubber, and foodprocessing recording annual average growth of 15.5 percent. Production value at hi-tech parks was valued at 12 billion USD.
The city channelled over 347.9 trillion VND(15.3 billion USD) for the State budget, representing a year-on-year rise of 12.94percent.
The good growth rate in 2017 creates an impetusfor the city to strive for stronger development in 2018 and fulfil the targetof an economic growth of 8.5 percent in 2015-2020.
Morerapid and sustainable development
2018 is the first year HCM Citywill implement Conclusion 21 of the Politburoand Resolution 54 of the National Assembly, which allow the city to pilot specialisedpolicies and mechanisms for more rapid and sustainable development.
According to Chairman of the municipal People’sCommittee Nguyen Thanh Phong, HCM City will focus on supplementing andpromulgating legal documents and consulting related ministries and sectors onrevising laws, decrees and circulars related to the specialised policies andmechanisms this year.
The municipal authorities have outlined 8groups of tasks and key measures to increase growth quality and economiccompetitiveness as well as ensure healthy investment environment and encourageinnovation, start-up movements and business development.
The city will focus investment on major infrastructureprojects to ease traffic congestion and accidents, reduce inundation andenvironmental pollution, and cope with climate change.
At the same time, attention will be paid to ensuringsocial welfare, reforming administrative procedures, accelerating the buildingof smart city and e-governance, maintaining social-political order andstability, and expanding external relations and international integration.
It will continue supporting small-andmedium-sized enterprises (SMEs) to increase their competitive edge to engage inglobal value chains, especially in the fields of processing, manufacturing,electronics, and information technology.-VNA
Domestic investment, including registered andsupplemented capital, reached over 899 trillion VND (39.5 billion USD), threefold against 2017, while foreign investment hit 6.38 billion USD, doubling the figureof the previous year.
HCM City received 5.2 billion USD in foreign remittances,70 percent of which were poured into investment, being an important financialresource to boost business production.
The index of industrial production (IIP)increased by 7.9 percent with four main industries of mechanics-manufacturing,electronics-information technology, chemical industry-plastic-rubber, and foodprocessing recording annual average growth of 15.5 percent. Production value at hi-tech parks was valued at 12 billion USD.
The city channelled over 347.9 trillion VND(15.3 billion USD) for the State budget, representing a year-on-year rise of 12.94percent.
The good growth rate in 2017 creates an impetusfor the city to strive for stronger development in 2018 and fulfil the targetof an economic growth of 8.5 percent in 2015-2020.
Morerapid and sustainable development
2018 is the first year HCM Citywill implement Conclusion 21 of the Politburoand Resolution 54 of the National Assembly, which allow the city to pilot specialisedpolicies and mechanisms for more rapid and sustainable development.
According to Chairman of the municipal People’sCommittee Nguyen Thanh Phong, HCM City will focus on supplementing andpromulgating legal documents and consulting related ministries and sectors onrevising laws, decrees and circulars related to the specialised policies andmechanisms this year.
The municipal authorities have outlined 8groups of tasks and key measures to increase growth quality and economiccompetitiveness as well as ensure healthy investment environment and encourageinnovation, start-up movements and business development.
The city will focus investment on major infrastructureprojects to ease traffic congestion and accidents, reduce inundation andenvironmental pollution, and cope with climate change.
At the same time, attention will be paid to ensuringsocial welfare, reforming administrative procedures, accelerating the buildingof smart city and e-governance, maintaining social-political order andstability, and expanding external relations and international integration.
It will continue supporting small-andmedium-sized enterprises (SMEs) to increase their competitive edge to engage inglobal value chains, especially in the fields of processing, manufacturing,electronics, and information technology.-VNA
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