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HCM City targets growth quality

Update: February, 10/2014 - 08:33
Steel plates produced in a HCM City factory. — VNA/VNS Photo Hoang Hai

HCM CITY (VNS)— The HCM City administration has promised to implement a series of measures that will focus on the quality of economic growth rather than merely numbers.

To achieve this, it will speed up a programme meant to support economic restructuring, focusing resources on technology-based sectors, products, and services, the Sai Gon Giai Phong (Literated Sai Gon) reports.

Measures to improve the business environment and competitiveness of businesses will continue to be implemented.

Administrative procedures will be simplified and the use of information technology will be stepped up for the purpose.

To capitalise on its services advantages, the city will draft policies to encourage the development of diverse and modern services.

To bolster the tourism sector, which accounted for 11 per cent of the city's economy last year, it will focus on creating a "civilised, safe, and friendly" tourism environment.

A programme to restructure manufacturing by increasing the heft of the processing industry will continue this year.

The city will draft policies to encourage foreign investment in advanced technology-based projects to speed up the development of the electronics and IT sectors.

It will continue to support the development of research centres.

As for the agricultural sector, the city will continue to restructure it to make it more urban, especially by enhancing the use of technology, including biotechnology, to provide safe and high quality products.

It will develop infrastructure in traditional agricultural areas, especially those that use technology and quality brood stock and seeds, and those providing agricultural services.

Policies on tax waiver, reduction, and extension will remain in place though this will affect revenues.

It is hoped that the tax breaks will help businesses continue operation despite the gloomy economic situation.

This year HCM City targets economic growth of 9.5-10 per cent against 9.3 per cent last year.

It had targeted more than 10 per cent growth for the 2011-15 period, but has reconciled to lower growth because of the economic situation and instead switched its focus to the quality of growth. — VNS


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