HCM CITY — HCM City's economic reform would focus on improving technological capacity, the vice chairman of the municipal People's Committee, Le Manh Ha, said yesterday.
|A view of HCM City. The city's economic reform efforts will focus on improving technological capacity to maintain a leading role in the country's high-tech industry. — VNA/VNS Photo Quang Nhut
Speaking at a meeting to discuss the city's economic reform plan, Ha said the city should take advantage of its leading role in the country's high-tech industry, as it could be used as the foundation for economic restructuring.
In the last five years, HCM City has posted good economic growth, much higher than other cities and provinces.
Its average annual growth was more than 11 per cent in the last decade, 2.3 per cent higher than the national rate.
The city's economy, however, has been growing without improved quality and sustainability, according to the economic reform outline.
Labour sources have not been used effectively, which has resulted in low labour productivity and competitiveness.
Economic reform is a must for the city, especially until 2020, according to experts who attended yesterday's meeting with city leaders.
Reform would help the city maintain its leading role in economic development and realise its goal of becoming an industrialised city by 2015, five years ahead of the national target.
Reform would be focused on key and selected economic sectors and areas that have high potential to develop and take pivotal roles in the city's economic growth.
The HCM City's economic plan is based on national economic reform which is concerned mostly with the restructure of three areas: public investment, finance and banking, and State-owned enterprises.
The city is encouraging privately owned enterprises, especially larger ones, to create their own funds for high-tech development.
The city's fund for high-tech development totals VND25 billion (nearly US$1.2 million), an amount that can only support small-sized enterprises, according to Ha.
HCM City is home to the country's first high-tech complex, which has been in operation for more than nine years.
By 2015, Sai Gon High-Tech Park is expected to become a technology and science city that will greatly enhance the economic, technological and intellectual base of HCM City and the southern economic region.
The HCM City economic reform plan will be discussed by city leaders and enterprise representatives at their next meetings. — VNS