HCM City’s District 2 is expected to become a financial centre in the new "innovative urban area" in the eastern part of the city. — Photo www.quan2.hochiminhcity.gov.vn

HCM CITY — HCM City's District 2 will become a financial centre and an important part of a planned "innovative urban area" in the eastern part of the city, Nguyễn Thiện Nhân, general secretary of the HCM City Party Committee, has said.

Speaking at the district’s 6th Party Congress for the 2020-2025 term held on Tuesday (August 11), Nhân praised the district’s significant achievements in the previous term.

He urged the district to create favourable conditions for economic, cultural and social development, and strive to have the best quality of life in the city.

It should also aim to attract investors in finance, banking, high technology and highly qualified human resources.

“It should give priority to developing local human resources, and ensure that local people are able to enjoy all of these achievements,” Nhân said.

The district should also pay more attention to the issues of land use and management, the environment, and general planning amid changes caused by rapid urbanisation, he said.

It is predicted there will be an increase in demand for residential and commercial property in the district when the "innovative urban area" in the eastern part of the city is formed.

Efficient management will be needed to prevent violations of land use and urban construction management, Nhân said.

In the last five years, District 2 saw an average annual economic growth rate of more than 16 per cent. The growth of the services and commerce sectors reached more than 28 per cent per year, accounting for nearly 88 per cent of all sectors in the district.

The district has gradually reduced the proportion of industry and agriculture, and expanded financial services, banking, housing, and office rental and retail services.

The district authorities have also improved management efficiency in urban planning and land use.

The district has put into use 32 new high rise apartment buildings combined with trade and services, and completed 114 roads and other infrastructure items.

Innovative urban area

HCM City plans to merge the districts of 2, 9 and Thủ Đức to form an innovative urban area in the eastern part of the city. The new urban area will cover more than 211sq.km and be home to more than 1.1 million people.

With the Thủ Thiêm new urban area, District 2 will provide infrastructure and international exhibition space.

The Saigon Hi-Tech Park in District 9 will be a hub for research and incubation of innovative technologies.

Thủ Đức has many educational institutions and research centres, as well as four large universities with more than 10,000 lecturers and professors and 100,000 students. 

The innovative urban area is expected to contribute a third of the city’s GDP, accounting for 7 per cent of national GDP. — VNS