HCM City sees breakthrough developments

The southern metropolis of Ho Chi Minh City has gained significant socio-economic accomplishments since the liberation of the South and national reunification on April 30, 1975.

Over the past 42 years, Ho Chi Minh City has made remarkable contributions to national building, defence, industrialisation, modernisation, and international integration.

The city was one of few localities in Vietnam to record double-digit growth for many consecutive years from 1991-2010 thanks to the creative implementation of the Party’s guidelines on developing the socialist-oriented market economy.

It recorded annual average growth of 9.6% between 2011 and 2015, 1.66 times higher than the national average.

In 2016, the city achieved economic growth of 8.05 percent. The economic structure was shifted to services and industry-construction, which made up 54.8% and 28.76% of the municipal gross domestic product (GDP) respectively. The agricultural sector only comprised 0.8% of GDP.

Ho Chi Minh City has long been one of the most attractive foreign direct investment (FDI) destinations.

In 2016, the city lured US$3.7 billion, raising total FDI to approximately US$41 billion, with 6,485 foreign investment projects.

The FDI sector contributed 23.8% to the city’s GDP.

Per capita GDP increased to US$5,428 in 2016 from US$712 in 1995-1996.

Ho Chi Minh City is considered a bridge connecting the southern region with the south central and Central Highland regions and plays a crucial role for the development of the southern key economic region.

These achievements were attributed to the city’s focus on planning urban areas, industrial and processing parks, and developing transport infrastructure.

The southern economic hub has also made strides in culture, society, education-training, and human resources.

It is one of the leading localities in national universal secondary education.

The healthcare system has been developed with the increasing use of modern technologies in medical examination and treatment. So far, 54 out of the 56 communes in the city have been recognised as new-style rural areas.

Source VNS