HCM City sets a target to double its average income by 2020 and triple it by 2025, according to a master plan approved by the People’s Council on May 13.
People are shopping at a supermarket in HCM City
The city’s per capita income is expected to reach USD4,800 by 2015 and between 8,430 and USD8,822 by the end of 2020 and climb to USD14,000 by 2025.
However, Vice Chairman of the HCM City People’s Committee Hua Ngoc Thuan said, “HCM City’s per capita income of USD4,800 was still much lower than that of many other cities in Asia in 2010. The USD8,500 per capita income targeted by 2020 would only be higher than the level of metropolitan Manila in 2010.”
The 2025 target would only be marginally higher than the 2010 figures for Jakarta and Bangkok, he added.
The council approved the income growth targets of 10-10.5% for the 2011- 2015 period set in the master plan. The rate will be 9.5 – 10% per year in the 2016-2020 period and 8.5% - 9% per year in the 2021 – 2025.
The council urged the municipal People’s Committee to give priority to improving the administrative work, carrying out re-settlement projects, relocating people living along rivers and canals, renovating run-down tenements, and providing housing for the poor.
