HCM CITY --  The Government will create favourable conditions in terms of mechanisms and policies to enable the development of HCM City, Prime Minister Nguyễn Xuân Phúc promised at a meeting with the city People’s Committee on Monday.

"The city plays the role of ’economic locomotive’ not only for the south-east but also the entire nation, contributing 22 per cent of GDP and 30 per cent of the Government’s revenues," he said.

He called on the city to renew and create forces for sustainable development, and play a leading role in international and regional integration.

He suggested four goals for the leaders: establishing a smart, dynamic and modern city with extensive links with international and regional value chains and competitiveness in comparison with other Asian cities; developing high-quality human resources; becoming a destination for investment and start-ups; and becoming a sustainable market economy.

He also called for setting up a “smart” economic structure, prioritising services and technology.

Chairman of the municipal People’s Committee, Nguyễn Thành Phong made several proposals relating to finance, planning, personnel and devolution of power to enable the city’s rapid and sustainable development.

"We would like to ask the Government to amend Clause 6 of Decree 101, allowing district-level authorities to verify, assess and approve plans for razing deteriorated tenements in HCM City.

“The Government should allow HCM City to select investors for projects to upgrade/rebuild deteriorated tenements; projects for urban renovation; relocation and resettlement of households living on and along canals; and projects for 19 intersections in HCM City.”

Phong also asked the Government to allow the city to retain 23 per cent of its revenues over the next decade.

He said economic growth this year has topped 7.47 per cent.

Việt Nam bourse to be based in city

Trần Đắc Sinh, chairman of the HCM Stock Exchange (HOSE), said Phúc green lighted a recommendation to base the Việt Nam Stock Exchange, formed by the merger of the Hà Nội and HCM City exchanges, in HCM City.

In May Phong had petitioned the Government for this. -- VNS