HCMC will publicize its development policies, administrative procedures and zoning plans for sectors and land use from now until 2020 as a measure to further improve the investment environment.

According to a draft action plan to implement a resolution of the 12th National Party Congress presented at a meeting of the HCMC Party Committee on June 22, the city will adopt 11 key measures to turn the city into a major center in ASEAN in the economic, financial, trade and technology fields in the coming years. 

HCMC will give priority to improving the investment environment, growth quality and competitiveness, and developing a market economy. The city looks to maintain its annual gross regional domestic product (GRDP) growth of 8-8.5% in the 2016-2020 period.

To create a favorable environment for investors, city leaders will meet the business community at least twice a year to listen to their concerns and help solve their problems with capital access, land use and technology application.  

Regarding infrastructure development, environmental protection and climate change adaptation, the city government will offer incentives to domestic and foreign investors involved in drainage, wastewater treatment, reservoir, dyke and flood-control sluice projects, and seek official development assistance (ODA) loans in a bid to reduce chronic flooding in the city.

Presenting a review report on socio-economic performance in this year’s first half at the meeting, vice chairman of the city Le Thanh Liem said GRDP in the city has reached an estimated VND476 trillion (US$21.3 billion), up 7.47% year-on-year.  

Retail sales of goods and services have edged up 11.3% and international arrivals in the city have risen 12.2% from a year earlier. Total outstanding loans have increased 6.82% against the end of last year while export revenue (excluding crude oil) has amounted to US$13.5 billion, an 8% year-on-year pickup.

Notably, budget collections have totaled VND143 trillion in January-June, up 8.08% year-on-year, with domestic collections accounting for over VND89 trillion, increasing 18%.

The city said investments of local enterprises have grown significantly.