VietNamNet Bridge – The government of HCMC has unveiled an ambitious plan to turn itself into a center for multinational corporations to fuel growth and compete with other Southeast Asian cities to lure foreign investment.

HCMC chairman Nguyen Thanh Phong, speaking new heads of Vietnamese representative offices overseas for the 2016-2019 tenure last week, said the city had made greater effort to attract foreign investors to urban transport infrastructure, hi-tech agriculture and industry, supporting industries, tourism, and health.

The city has started seven breakthrough programs designed to make the city a place worth living.

Phong noted the city now plays a pivotal role in national development as it contributes 21-23% of the country’s gross domestic product (GDP), its service revenue accounts for 27-30% of the country’s total and its export turnover makes up 21-22% of the country’s total.

Last year, it was responsible for 31.8% of the country’s budget revenues. It is tasked with collecting VND298 trillion (US$13.3 billion) in taxes and fees this year, with VND142 trillion (US$6.4 billion) of it already realized in the first half of the year.

The city is spending big on projects to improve the environment. Tran Van Thach, deputy director of the Department of Natural Resources and Environment, said the city is working on 53 environmental projects worth a total of VND79 trillion (US$3.5 billion), including VND73 trillion (US$3.3 billion) expected to come from the private sector.

The priority projects are to build nine automatic environmental monitoring stations at a cost of VND110 billion (US$4.9 million) and carry out waste-to-energy projects.

Thach said the city will center on drawing up an action plan for climate change adaptation, land use planning, and measures to reduce emissions in the 2016-2020 period.

The city now serves as a driving force of the nation but the Government’s blanket policy for all parts of the country is hindering the city’s development, Phong said.

The city now needs a special governance mechanism to have more leeway in making decisions, especially those involving financial matters.

SGT