HCM City sets GRDP growth target of USD37,000 by 2045

HCM City has targeted a GRDP (gross regional domestic product) of USD37,000 by 2045.

HCM City has targeted a GRDP (gross regional domestic product) of USD37,000 by 2045.

  

HCM City sets GRDP growth target of USD37,000 by 2045

The issues were discussed at a conference about HCM City economic development during 2021-2030 period, with a view to 2045 on May 5. HCM City Party Committee Secretary Nguyen Van Nen, HCM City People's Committee Chairman Nguyen Thanh Phong and many leaders, experts and scientists attended the conference.

According to Nguyen Thanh Phong, for the past 45 years, HCM City has been the economic centre of Vietnam. From 2016 to 2019, the city GRDP increased by 7.72% annually. HCM City also contributed over 22% of the GDP and 26% of the state budget. Despite the impacts of Covid-19 in 2020, HCM City still saw 1.39% economic growth and collected over VND371trn to the city budget and contributed over 25% of the state budget.

By 2025, HCM City will be a smart city, with modern industrial and service activities and an economic centre for the southern region and Vietnam.

GRDP per capita in 2020 was USD6,328. The aim is to increase the GRDP per capita to USD13,000 in 2030 and make the city an economic centre of Southeast Asia. By 2045, the city GRDP per capita is targeted to be USD37,000.

NA Deputy Tran Du Lich said the past economic structure, urban planning and management model were unable to fully exploit the city's potential and rapid development in the last 20 years.

Professor Nguyen Thi Canh from the University of Economics and Law said they needed more measures to deal with the lack of a skilled workforce. The conference gathered 80 essays from the experts.