At a November 20 working session of the National Assemvbly (NA), Minister of Finance Dinh Tien Dung emphasized that Ho Chi Minh City is the biggest economic hub and an ‘economic locomotive’ of the country, accounting for 1/5 of GDP and its growth rate is 1.6 times higher than the nation’s general level.
The number of enterprises make up 1/3 of the country. The city has a modern economic structure, 99% of which are industrial and service sectors.
“The faster the city develops, the more it will contribute to national development,” said Dinh Tien Dung, noting that the city is the largest contributor to the State budget collection.
The mechanisms for HCM City covers four main areas: urban planning and land management, finance and investment management, authorisation mechanisms, and the income of the city’s public servants.
The deputies said Ho Chi Minh City is Vietnam’s largest economic center with the largest population and the highest per capita income but the current mechanisms and policies don’t exploit its full potential.
Nguyen Thai Hoc, a deputy for Phu Yen province said, “Specific mechanisms for Ho Chi Minh City will help resolve problems like its growing need for more schools, hospitals, and transportation. Some issues will require long-term planning.”
The deputies said making Ho Chi Minh City a pilot will motivate the country’s economic development.
“The city has the largest business resources and contributes one third of Vietnam’s GDP. We should further decentralize the municipal People’s Council,” said Duong Minh Tuan, a deputy for Ba Ria-Vung Tau province.
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