City marks record growth; incomes climb
(07-01-2008)


HCM CITY — HCM City’s GDP grew 12.6 per cent in 2007, the fastest rate of growth in the past decade and well above the estimated national average growth for the year of 8.5 per cent, according to the city People’s Committee.

Industry and services accounted for 99 per cent of the City’s GDP, up from 92 per cent in 1990. The service sector alone posted growth of 14.1 per cent.

Foreign direct investment (FDI) climbed to US$2.5 billion, making the City one of Viet Nam’s top three FDI magnets. It was also a tourist draw, with about 2.7 million overseas visitors arriving in HCM City last year, fully 70 per cent of the national total.

Average income per capita in the City was also the highest nationwide, at US$2,180.

This year’s development agenda focused on getting the local markets to comply with WTO commitments and resolving snags in the development of domestic competitiveness, HCM City People’s Committee chairman Le Hoang Quan said.

The city would be proactive in upgrading infrastructure and services, broadening urban and economic zones, improving the quality of the workforce and training, and getting a handle on skyrocketing property prices.

The city intended to transform into a word-class metropolis in order to draw major international economic and investment groups, Quan said.

Available resources would be channeled into essential projects like the Thu Thiem Bridge; the 18km, 12-lane East-West Boulevard; the Ha Noi-Cat Lai Highway; and metro routes 1 and 2.

Plans were underway to modernise the Thu Thiem area into a financial and trade centre and to develop the Hiep Phuoc Port area.

People’s Council chairwoman Pham Phuong Thao also stressed the need to cultivate a more civilised way of life.

"The more civilised HCM City’s living habits are, the better the city’s image in the international sphere for integration into the global village," Thao said.

To inspire a greater sense of civility, authorities would focus on raising awareness of and compliance with traffic laws as well as hygiene standards both at home and in public. Elevating a culture of politesse, especially among civil servants, was crucial, she said.

"Community education will be the crux of promoting a new way of life in the city, in addition to strict administrative punishments," said Thao. — VNS