HCM City set to become smart metropolis
HCM City is to become a smart urban area, maintain its role as the country’s economic engine, and realise its goal of becoming an economic and financial hub in Asia, experts have said.
During a seminar on May 5 to discuss the city’s development orientations during 2021-2030 and vision to 2045, Chairman of the municipal People’s Committee Nguyen Thanh Phong said that despite COVID-19 last year the city’s economy still grew 1.39% with local budget revenue standing at more than VND371 trillion (US$16.1 billion), contributing more than 25% of the State budget.
By 2025, HCM City is set to become a smart urban area and a modern industrial and service city that acts as a driving force for the southern key economic region. Average annual gross regional domestic product (GRDP) per capita is estimated at US$8,500.
By 2030, it will have become a cultural city, a locomotive of digital socio-economic development, and a financial, economic, trade, scientific-technology, and cultural centre of Southeast Asia.
By 2045, it is expected to have become an economic and financial hub in Asia with average annual GRDP per capita of around US$37,000 and an attractive destination for global investors.
Sharing similar views, economist Dr Tran Du Lich said that over the course of the next decade it is necessary to develop the city’s economy based on digital technology, with strengths in nine service sectors and four industrial sectors and key products.
He proposed issuing breakthrough policies and measures relating to transportation infrastructure for regional connectivity.
According to Associate Professor Nguyen Van Luan from the University of Economics and Law under the Vietnam National University - HCM City, the city needs to shift to a new economic growth model and maintain an annual growth rate of 8% during the 2021-2030 period, focusing on financial and banking services, tourism, trade, and logistics.
He suggested improving the quality of human resources, strongly developing the private sector, and effectively tapping natural resources.
To turn HCM City into a smart city, Associate Professor Tran Mai Uoc from the Banking University of HCM City called for priority to be given to partnerships between the State, businesses, and scientists as well as upholding the role of the people.
Dr Vu Thanh Tu An from Fulbright University Vietnam said that infrastructure during 2030-2045 is not only about electricity and roads but also databases, information systems, data sharing, and privacy.
The city must carry out strong reform in terms of institutions and the business environment to attract more foreign investors, he added.
