HCM City continues to be engine of national growth - HCM City continues to be engine of national growth - Website Ho Chi Minh City
Ho Chi Minh City is to continue playing its role as an engine of Vietnam’s growth and a nucleus of development in every aspect in the southern key economic zone, experts agreed at a March 6 workshop in the city.
At the event, which was held to scrutinize a blueprint on the city’s economic restructuring for 2013-2020, Deputy Director of the HCM City Institute for Development Studies Tran Anh Tuan said the economic restructuring scheme has improved the quality of economic growth based on the effective use of resources, especially capital, labour and land.
The scheme is aligned with a national economic restructuring project that targets public investment, credit organisations, and State-owned enterprises.
To Duy Lam, Director of the State Bank’s Ho Chi Minh City branch, described the restructuring of credit organisations as a cornerstone and driving force that has brought about improved financial capability and risk management, ensuring the stable growth of the banking sector and monetary market in particular.
Within the city’s industry and trade sector, restructuring should be focused on stimulating production in tandem with fostering innovations and human resources, particularly in mechanical manufacturing, electronics, information technology, chemicals, pharmaceuticals, rubber, and food processing, experts suggested.
They also recommended developing support industry, raise the rate of local contents in products, and join the global supply chain.
According to the Department of Industry and Trade, the technology, processing and manufacturing sectors account for 68.26 percent of the city’s exports.
About shifting the structure of tourism sector, a representative from the municipal Department of Tourism talked about plans to promote competitive tourist products and boost marketing in major markets, domestically and globally.
Throughout 2015, the sector is continuing building up the HCM City tourism brand while working for the targets of a 8-10 percent yearly increase in foreign arrivals and a 15-20 percent rise in domestic visitors.
Participants also discussed policies impacting the city’s economic restructuring in services, industry, agriculture, and land, among others.