Deputy Prime Minister Nguyễn Minh Khái speaks on Monday at a meeting on developing HCM City into a Southeast Asian economic hub by 2030. — VNA/VNS Photo

HCM CITY — A government action plan is needed to develop a digital economy in HCM City and make it a Southeast Asian economic hub by 2030, Deputy Prime Minister Nguyễn Minh Khái has said.

Speaking at a meeting on Monday, he said to achieve the goal HCM City would need to develop high-quality human resources and promote digital transformation to achieve digital governance and a digital economy and become a smart city.

A recently approved Politburo resolution requires HCM City to maintain its role as the country’s major economic, cultural, education-training, and scientific-technological hub.

Under the resolution, the city is expected to post annual growth of 8 per cent-8.5 per cent, per capita gross regional domestic product (GRDP) of about US$14,500, and contribution of 40 per cent to Việt Nam’s gross domestic product (GDP) by 2030.

By 2045, HCM City is set to have become comparable to major cities around the globe; an economic, financial, and service centre of Asia, the nucleus of the southeastern region, a growth engine of Việt Nam and a magnet for international financial institutions and enterprises.

The local economy and culture will have also developed ensuring residents have high living standards.

Nguyễn Văn Nên, secretary of the municipal Party Committee, speaking at the meeting, said this year the city would continue to focus on stabilising its economy, controlling inflation and speeding up public spending, which remains slow.

It has a target of disbursing 95 per cent of approved public spending this year, he said.

It would also improve public services, enhance administrative reforms and resolve problems related to investment procedures to attract investors, he added.

The city will also speed up major transport projects, especially Ring Roads 3 and 4, the HCM City-Cần Thơ railway project and upgrade of Tân Sơn Nhất international airport.

Experts have warned the city is very likely to be affected by the global recession in 2023. It has already lowered its growth target to 7.5-8 per cent for this year.

Despite the challenges last year, it achieved 9.03 per cent growth as against a target of 6-6.5 per cent.

Its revenues were worth VNĐ457.5 trillion, or a third of the country’s total and up 17 per cent year-on-year.

Its index of industrial production increased by 14.2 per cent, and exports were worth $49.5 billion, up 10.3 per cent.

Tourism revenues topped VNĐ120 trillion, up 171 per cent, and retail sales of goods and services are estimated at more than VNĐ900 trillion ($36.5 billion), up 30.6 per cent. — VNS