Ho Chi Minh City is set to become a centre of economics and finance in Asia by 2045, boasting sustainable development and high living standards, a municipal official has said.

Nguyen Thanh Phong, Chairman of the municipal People’s Committee, told the media that by 2025, the southern hub will become a smart urban area and a city of services, with a modern-oriented industry. It will maintain its role as the economic locomotive and growth driver of the southern key economic region and the country at large.

The city is also projected to take the lead in innovation and creation, with gross regional domestic product (GRDP) per capita to reach around US$8,500 by 2025 and US$13,000 by 2030, when the city is expected to become a centre of economics, finance, commerce, science-technology, and culture in Southeast Asia. GRDP per capita is then to reach US$37,000 by 2045.

Phong said that the city has set 26 development criteria for the 2020-2025 period, covering five spheres, including a GRDP growth rate of around 8% and the contribution of the digital economy to GRDP to stand at 25% by 2025 and 40% by 2030.

To that end, it will focus on overhauling its growth model, spurring socio-economic development in tandem with economic development, and boosting scientific-technological development, innovation, and creation, he said.