HCM City targets per capita GDP of USD40,000 by 2045
  • | | October 16, 2020 11:09 AM
HCM City authorities have set new development goals to make the city into a financial centre by 2045.


Chairman of HCM City People's Committee Nguyen Thanh Phong speaks at the 11th Congress of the HCM City Party Organisation for the 2020-2025 tenure on October 15.

Speaking at the 11th Congress of the HCM City Party Organisation for the 2020-2025 tenure, which officially opened on October 15, chairman of the city People's Committee Nguyen Thanh Phong said that the city's economic growth has been promising with innovation and technological development central. Gross regional domestic product during the 2016-2019 period increased by 7.72% annually, while the growth rate for the 2016-2020 period was estimated at 6.41%.

Labour productivity in HCM City is 2.6 times higher than the country's average rate. The GDP per capita also increased year-on-year and is 2.4 times higher than the country's average rate. HCM City contributed 27% of the state budget in 2019.

Due to Covid-19, the city was unable to meet the set goals for economic growth this year. The HCM City authorities have reviewed and set the goals for the city to 2030 with a view to 2045. The aim is to make HCM City a smart city in 2025, the economic hub of Vietnam with the per capita GDP at USD8,500 to USD9,000. In 2030, the per capita GDP will reach USD13,000-14,000.

"In 2045, HCM City will become a financial centre with high living standards and per capita GDP at USD40,000," Phong said.

Four programmes have been built to realise these goals. The first programme is to launch new management policies that are suitable to a metropolis and a financial and cultural hub. Some of the solutions are to adjust the budget planning for the city, turn Thu Duc District into Thu Duc City and build an innovative area in the eastern side of the city that connects with Thu Duc.

The second programme is to develop the city's infrastructure for all kinds of services including telecommunications and transportation. The third programme aims to boost highly-skilled human resources and implement AI technologies.

The fourth programme will focus on start-up projects and corporates in order to tighten collaborations between financial facilities, state agencies and firms.

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