A Politburo resolution signed by Party General Secretary Nguyen Phu Trong enjoins HCM City to achieve a per capita gross domestic product (GDP) of 8,500 USD by the end of 2020.
Resolution 16-NQ/TW calls on the city to fully exploit its potentials to achieve sustainable economic development as well as renovate and restructure the economy to enhance its competitiveness.
The city needs to post GDP growth that is 1.5 times higher than that of the country in the 2011-20 period.
It should focus on the development of service sectors, including international finance, trade and banking, ports, storage, logistics, import and export, transport, and tourism, the resolution says.
Particular focus on industries is called for: mechanical engineering, electronics – IT, pharmaceutical, chemicals – rubber, and food processing.
The resolution says the city will need to ensure enterprises are more effective and competitive, enhance the collective economy, particularly focusing on the roles of cooperatives.
It needs to further improve urban infrastructure and improve the quality of urban planning in line with the country’s socio-economic development and national security needs.
One of the major tasks for the city is to develop a more advanced public transport system with high capacity to meet the increasing demand, including monorails, trams, buses, subways, expressways and waterways.
It also needs to invest in building and upgrading sea dykes and irrigation works along the Sai Gon river.
According to the Resolution, the city will be allowed to carry out pilot schemes on issues where improvement is needed but regulations are lacking.
It will also be given more autonomy in public finance management and budgeting, planning and investment.
The Resolution asks the city to improve and amend laws to attract investment from many sources from within and outside the country under many models, including build-operate-transfer (BOT), build-transfer (BT), public private partnership (PPP).