The 69th founding anniversary of the Socialist Republic of Vietnam on September 2 is also the time when Ho Chi Minh City nearly finishes its five year socioeconomic development plan 2011-2015 with many impressive investment results.
|HCMC downtown (Photo: SGGP)|
The city authorities have provided a lot of investment incentives resulting in a US$1 billion project of Samsung Group to build an electronic component plant in the city.
In the first half this year, the Saigon Hi-Tech Park obtained a production value of US$1,188 million. Of these, exports were estimated at $1,183 million.
The number of businesses operating in the Quang Trung Software Park has reached 110. Ten of them are among 50 leading companies in Vietnam including HP, IBM and KDDI.
Foreign direct investment (FDI) has continuously increased this year. The Department of Planning and Investment reported that 241 new FDI projects have been licensed with US$1.06 billion in the first eight months this year, down 7.3 percent in the project number and up 80.3 percent in capital.
Local enterprises have equipped modern machines and technologies to increase their products’ value added and competitiveness.
The scale of industrial production has broadened towards increase of manufacturing and processing and reduction of mining.
Industrial production index continuously increased in the last eight months. In August, it was up 6.5 percent, an increase of 1 percent over the same period last year.
The city has also promoted application of advanced technologies and mechanization in farming production. Low yield rice areas have been converted into other crops.
HCMC economic restructuring program has boosted economic growth. Value added from the service sector occupies largest ratio in the Gross Domestic Product (GDP).
|Production of electronic components at Nidec Tosok Company in the Saigon Hi-Tech Park (Photo: SGGP)|
Economic growth has remained stable in the last couples of years amid the global recession. GDP growth in the city has always been 1.5 times higher than the country. HCMC contributes about 20 percent in the country’s GDP, 30 percent industrial production and 30 percent of state budget revenue.
A lot of large and key traffic projects have been implemented to facilitate residents’ traffic.
Besides the above achievements, HCMC is struggling to reform complicated administrative procedures, protect the environment, tackle flooding and increase people’s living standards.