VietNamNet Bridge – The first special economic zone of HCM City will be built in the districts of Binh Chanh, 7, 3, Nha Be and Can Gio, to focus on developing a sea-borne economy.

Mr. Vo Van Luan, Chief of the HCM City People's Committee Office, on June 23 said that the city had recommended the Ministry of Investment and Planning allow the establishment of a special economic zone in four districts south of the city to fully tap the potential of the area, so as to help meet the city’s economic development goals.

HCM City Chairman Le Hoang Quan said the special economic zone is a new model and one of major projects to support the city’s sustainable development for 2016-2020 with a vision toward 2030.

According to the master plan on socio-economic development of Ho Chi Minh City to 2025, which was approved by the Prime Minister, the local economy will be developed based on a service-industry-agriculture structure, with priority given to finance - banks - credit - insurance, trade, transport, warehousing, port services, postal and telecommunications, information technology - communications, and real estate.

Ho Chi Minh City needs estimated investment capital of nearly $470 billion in the next 10 years to implement the above plan.

In the period 2011-2015 the city needs about VND1,300- 1,400 billion, of which the state budget accounts for 12 percent. For the 2016-2020 period, it needs from VND2,700 to 3,000 trillion, with about 10 percent from the budget and VND5,000 to 5,6000 trillion in the period 2021-2025, with 8 percent from the budget.

S. Tung