HCMC aims to be a ‘large urban area’ in Asia by 2045

The regional gross domestic product (GDP) per capita of Ho Chi Minh City (HCMC) is expected to reach $ 8,500 by 2025, $ 13,000 by 2030 and $ 37,000 by 2045. VIET NAM NEWS

Ho Chi Minh City (HCMC) aims to become a smart urban area and the engine of the country’s economic development by 2025, Chairman of the City’s People’s Committee Nguyen Thanh Phong said at a conference on May 6.

The regional gross domestic product (GDP) per capita of the Vietnamese city is expected to reach $ 8,500 by 2025, $ 13,000 by 2030 and $ 37,000 by 2045.

The city is also expected to become an economic, financial, commercial, scientific, technological and cultural hub in Southeast Asia by 2030 and in Asia by 2045. It is expected to be an attractive global destination by 2045.

For the past 45 years, the city has been the largest urban area in terms of population and economic scale in the country.

During the period 2016-2019, the city’s GDP grew by 7.72% and its contribution to the country’s gross domestic product (GDP) increased by more than 22%. Its contribution to the state budget increased by more than 26 percent during the period.

Last year, the city’s economic growth increased 1.39 percent. Its budget collections reached more than 371 trillion dong (16.2 billion dollars), contributing more than 25% to the collection of the national budget.

The proportion of domestic revenue in the city’s total budget collection increased from 61.1% in 2016 to 71.4% last year.

Economist Tran Du Lich said road infrastructure in the city is the most important issue, adding that more links are needed with cities and provinces in the southern region.

The city has planned to build the ring roads No.1, 2, 3 and 4 for a long time, but construction has not started or is not completed.

The vice president of the People’s Committee of neighboring Dong Nai Province, Nguyen Thị Hoang, said that a bridge over the Dong Nai River should first be built.

The HCMV-Long Thanh-Dau Giay highway is expected to be extended to 10 to 12 lanes from the existing four lanes to provide connections with the future Long Thanh International Airport, Hoang said, adding that the highway was overcrowded.

Other projects to be completed are Ring Roads 3 and 4; the Saigon-Nha Trang section of the North-South High Speed ​​Railway; and a rail section from Tan Son Nhat Airport to Long Thanh Airport.

HCMC and Dong Nai province must also exploit local waterways, she added.

Tien Giang Province People’s Committee Vice Chairman Pham Van Trong said, “A regional development fund should be set up to appeal for capital for projects in the southern region. The province wants to engage in a collaboration, in particular with HCMC, to attract more capital to create industrial clusters that would include support industries. “

According to Lich, in the next 10 years, the city’s economy should be based on digital technologies.

Dr Tran Mai Uoc from HCMC Banking University said the city should publish more policies on technological development. City authorities should work with businesses and scientists to build a smart urban area, he added.

Dr Vu Thanh Tu An from Fulbright University Vietnam said that during the period 2030-2045, the infrastructure will include not only electricity, roads, schools and health facilities, but also bases of data, information and communication systems, and data sharing as well as data. Security.

The city should strongly reform its policies and improve the investment environment, An said.

In addition, the city is expected to focus on the development of the domestic market and the competitiveness of local businesses as more than 50% of the country’s population will become a middle class by 2035.

If local businesses do not take advantage of this trend, they will lose in the domestic market and “present it to foreign businesses,” An added.

Dr Nguyen Van Luan from the University of Economics and Law said the city is expected to maintain a growth rate of 8% per year during the period 2021-2030.

The economic structure of the city should be transformed into a sustainable one, especially with an emphasis on financial services, banking, tourism, commerce and logistics.

The quality of human resources and the strong development of the private sector should also be central concerns, he said, adding that natural resources should be exploited responsibly.


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