Ho Chi Minh City will strive to become an economic and financial hub in Asia by 2045 with gross regional domestic product (GRDP) per capita reaching some US$37,000, a municipal official has said.

HCMC to become economic, financial hub in Asia by 2045

Chairman of the municipal People’s Committee Nguyen Thanh Phong said the southern hub will become a smart urban area and a city of services, with a modern-oriented industry by 2025. 

It will maintain its role as the economic locomotive and growth driver of the southern key economic region and the country at large.

By 2030, the figure is predicted to increase to US$13,000. It targets emerging as a pioneer in the digital economy and an economic, financial, scientific and technological center in Southeast Asia.

By 2045, the city seeks to become an attractive destination with sustainable development and a high quality of living.

He 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.

Ho Chi Minh City will continue revamping economic growth models to promote fast and sustainable economic growth by studying and applying science and technology, fostering innovation and increasing labor productivity.

The city will also accelerate the development of its key sectors with high added values, such as finance-banking, trade and tourism. It will also build a shared database to save service operation costs and boost the city’s competitiveness.

In additon, the city 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.