Ho Chi Minh City remains the economic leadership of Vietnam. (Photo: IT)
(VOVworld) – Overcoming the country’s economic difficulties and the global financial recession, last year Ho Chi Minh City maintained a stable growth with one third of the national GDP contribution. In 2014, the city is doing its utmost to maintain this recovery.
With the current national economic growth, Ho Chi Minh City 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. Le Hoang Quan, Chairman of the Municipal People’s Committee, says:
“The 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.”
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, Ho Chi Minh City will continue policies to speed up e-commerce, apply modern distribution channels, and provide capital for enterprises. Nguyen Hoang Minh, Deputy Director of the branch of the State Bank of Vietnam there, comments:
“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 prioritized to the production of the city’s key items.”
Industry restructure will continue in the direction of reducing mining and increasing processing to turn out high-added-value products. 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, prioritizing the development of microelectronics, IT, telecommunications, precise mechanics-automation, and nano- and bio- technologies. Le Hoai Quoc, heads the management board of Ho Chi Minh City’s High-tech Zone, says:
“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. Ho Chi Minh City wants to create a favorable environment for the municipal economy to grow sustainably in the future.