Overcoming the country’s economic difficulties and the global financial recession, last year Ho Chi Minh City maintained a stable growth, making up one-third of the national GDP. In 2014, the city is doing its utmost to maintain this recovery.

With the current national economic growth, the country's economic hub in the south has targeted a GDP growth rate of between 9.5 and 10 this year. It will continue to implement policies on tax exemption and payment extension to help enterprises recover trading and production.

“Municipal authorities will keep trying to clear inventories, remove obstacles for businesses, and promote trade and expand export markets through trade promotion programs, encouraging people to use Vietnamese products, and practicing thrift. Six breakthrough programs will be implemented with priority given to developing science and technology, stepping up exports, and ensuring social security,” Le Hoang Quan, Chairman of the municipal People’s Committee, was quoted as saying by Radio the Voice of Vietnam (VOV).

This year, the city will focus on the improvement of the business environment and competitiveness on top of supporting enterprises with information sources and simplifying administrative procedures. With advantages over services, it will continue policies to speed up e-commerce, apply modern distribution channels, and provide capital for enterprises.

To reach the GDP and export growth targets, the banking sector should be more active in handling difficulties for businesses in which capital sources should be prioritised to the production of the city’s key items, said Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam's Ho Chi Minh City branch.

Industry restructure will continue in the direction of reducing mining and increasing processing to turn out products of high added value. More policies will be designed to encourage multi-national economic groups to invest in the city using advanced technologies. The city is boosting investment in the second phase of the high-tech zone, prioritising the development of microelectronics, IT, telecommunications, precise mechanics-automation, and nano- and bio- technologies.

Le Hoai Quoc, head of the Ho Chi Minh City high-tech zone management board, affirmed: “We’ll focus on auxiliary industries for much-sought-after products. To this end, more supportive policies are needed to make these items part of Vietnam’s exports."

The city will develop safe agriculture through the use of high- and bio-tech as it wants to create a favorable environment for the municipal economy to grow sustainably in the future.-VNA