Ho Chi Minh City is developing its first special economic zone in the south of the city, encompassing districts 7, Nha Be and part of Binh Chanh and Can Gio with a focus on marine economy.

The special economic zone covers the Hiep Phuoc Port, Phu My Hung urban area, industrial parks and other new urban areas, according to Hoang Minh Tri, deputy head of HCM City Research and Development Institute.

The special economic zone would help fully tap the potential of the area to meet the city's economic development, especially the sea economy.

Under a master plan to develop the city until 2020 with a vision to 2025, approved by the Prime Minister, the city will be developed in four directions: East, West, South and North, with a focus on the south and east where busy seaport and logistics activities take place.

The economy will be developed based on a service-industry-agriculture structure, with priority given to finance, insurance, trade, transport, warehousing, port services, postal and telecommunications, information technology, communications and real estate.

Le Hoang Quan, Chairman of HCM City's People's Committee, said the special economic zone was a new model and one of the major projects to support the city's sustainable development for 2016-2020 with a vision to 2030.

The city needs an investment of about 470 billion USD in the next decade to implement the plan.-VNA