People’s Committee chairman Nguyen Thanh Phong said, “The city must soon complete all necessary procedures to start the work to reduce traffic congestion around Tan Son Nhat International Airport, Cat Lai port and chronically flooded streets.

“In 2017 construction of the Kenh Lô Bridge, Ba Bo Canal, Infant Hospital Number 1, the first phase of the Binh Chanh District Hospital, and Go Vap District Hospital must be completed.”

HCM City has unveiled its proposed strategies to achieve 19 socio-economic targets in 2017, especially economic growth of 8.4 – 8.7 per cent.

They include attracting more investment from multinational companies together with fostering domestic companies and support industries, promoting strong private companies that use modern technologies, encouraging small and medium-sized enterprises and improving the competitiveness of domestic companies against foreign rivals, and linking local firms with foreign ones.

Phong instructed all related departments and localities to implement projects to promote incubation, start-ups and innovative companies and create favourable conditions for venture capital funds that invest in new business ideas and high–tech firms.

“All these activities would contribute to developing an eco-system for innovation and start-ups. Next year the city will have 50,000 new companies, many of them strong enough to compete internationally.”

The city would focus on simplifying administrative procedures and streamlining online business registration to reduce the cost and time businesses spend, he said.

It would earmark VNĐ1 trillion (US$45 million) from its coffers to support start-ups and households who would like to set up small businesses, he said.

Another VNĐ2 trillion ($90 million) would be earmarked for stimulating investment and encouraging enterprises to upgrade their technologies, he said.

It would help manufacturing companies switch from labour-intensive to tech-driven and green sectors, he said.

“Authorities will earmark more of their time for resolving financial, land-related and technological problems faced by domestic enterprises.”

According to a report from the city People’s Committee tabled at the conference, in 2016 the city’s economy grew by 8.05 per cent to VNĐ1 quadrillion ($45 billion), against a target of 8 – 8.5 per cent.

The services sector grew by 8.07 per cent, industry and construction expanded by 7.88 per cent and agriculture by 5.81 per cent.

Industrial output rose 7.33 per cent. Tax revenues rose 12.43 per cent.

Non-crude exports were worth $29.2 billion, an increase of 10 per cent from the previous year.

Gross capital formation was worth VNĐ310 trillion ($14 billion).

Some 111 public works were completed at a cost of nearly VNĐ20 trillion ($900 million).

The city also worked with private investors for 20 public-private-partnership (PPP) projects in transport and environmental protection at a cost of VNĐ67 trillion ($3 billion).

More than 36,000 enterprises with total registered capital of VNĐ 496.6 trillion ($22.2 billion) were newly registered for an increase of 35.8 per cent from the previous year.

Foreign investment was worth $3.7 billion.

VNS