In 2017, the city recorded an 8.25% increase in gross regional domestic product (GRDP), higher than the 8.05% growth in the previous year. The economic structure shifted towards higher proportion of high-quality, high added value and highly competitive services. The export turnover was valued at US$35.2 billion, up 15.1%.
Domestic investment, including registered and supplemented capital, reached over VND899 trillion (US$39.5 billion), three fold against 2017, while foreign investment hit US$6.38 billion, doubling the figure of the previous year.
HCM City received US$5.2 billion in foreign remittances, 70% of which were poured into investment, being an important financial resource to boost business production.
The index of industrial production (IIP) increased by 7.9% with four main industries of mechanics-manufacturing, electronics-information technology, chemical industry-plastic-rubber, and food processing recording annual average growth of 15.5%. Production value at hi-tech parks was valued at US$12 billion.
The city channelled over VND347.9 trillion (US$15.3 billion) for the State budget, representing a year-on-year rise of 12.94%.
The good growth rate in 2017 creates an impetus for the city to strive for stronger development in 2018 and fulfil the target of an economic growth of 8.5% in 2015-2020.
More rapid and sustainable development
2018 is the first year HCM City will implement Conclusion 21 of the Politburo and Resolution 54 of the National Assembly, which allow the city to pilot specialised policies and mechanisms for more rapid and sustainable development.
According to Chairman of the municipal People’s Committee Nguyen Thanh Phong, HCM City will focus on supplementing and promulgating legal documents and consulting related ministries and sectors on revising laws, decrees and circulars related to the specialised policies and mechanisms this year.
The municipal authorities have outlined 8 groups of tasks and key measures to increase growth quality and economic competitiveness as well as ensure healthy investment environment and encourage innovation, start-up movements and business development.
The city will focus investment on major infrastructure projects to ease traffic congestion and accidents, reduce inundation and environmental pollution, and cope with climate change.
At the same time, attention will be paid to ensuring social welfare, reforming administrative procedures, accelerating the building of smart city and e-governance, maintaining social-political order and stability, and expanding external relations and international integration.
It will continue supporting small-and medium-sized enterprises (SMEs) to increase their competitive edge to engage in global value chains, especially in the fields of processing, manufacturing, electronics, and information technology.