HCMCity (VNA) – The southern hub of Ho Chi Minh City aims to achieve 19socio-economic targets in 2017, especially economic growth of 8.4 – 8.7 percent.

To realise its targets, the city will focus its spending on key constructionworks and seven breakthrough programmes like relocating people living alongslums in canals and building new apartments replacing old, dilapidated ones,heard a conference last week.

Chairmanof the municipal People’s Committee Nguyen Thanh Phong said the city must sooncomplete all necessary procedures to start the work to reduce trafficcongestion around Tan Son Nhat International Airport, Cat Lai port andchronically flooded streets.

In2017, construction of the Kenh Lo Bridge, Ba Bo Canal, Children’s HospitalNumber 1, the first phase of the Binh Chanh District Hospital, and Go Vap DistrictHospital must be completed, he added.

Othermeasures include attracting more investment from multinational companiestogether with fostering domestic companies and support industries, promotingstrong private companies that use modern technologies, encouraging small andmedium-sized enterprises and improving the competitiveness of domesticcompanies against foreign rivals, and linking local firms with foreign ones.

Phonginstructed all related departments and localities to implement projects topromote incubation, start-ups and innovative companies and create favourableconditions for venture capital funds that invest in new business ideas andhigh–tech firms.

“Allthese activities will contribute to developing an eco-system for innovation andstart-ups. Next year the city will have 50,000 new companies, many of themstrong enough to compete internationally.”

Thecity would focus on simplifying administrative procedures and streamliningonline business registration to reduce the cost and time businesses spend, hesaid.

Itwill earmark 1 trillion VND (45 million USD) from its coffers to supportstart-ups and households who would like to set up small businesses, he said.

Another2 trillion VND (90 million) will be used for stimulating investment andencouraging enterprises to upgrade their technologies, he said, adding that thecity will help manufacturing companies switch from labour-intensive totech-driven and green sectors.

“Authoritieswill earmark more of their time for resolving financial, land-related andtechnological problems faced by domestic enterprises,” he stated.

Accordingto a report from the municipal People’s Committee, in 2016, the city’s economygrew by 8.05 percent to 1 quadrillion VND (45 billion USD), compared to a targetof 8 – 8.5 percent.

Theservices sector grew by 8.07 percent, industry and construction expanded by7.88 percent and agriculture by 5.81 percent.

Industrialoutput rose 7.33 percent and tax revenues, 12.43 per cent.

Non-crudeexports fetched 29.2 billion USD, an increase of 10 percent from the previousyear, while gross capital formation was worth 310 trillion VND (14 billion USD).

Some111 public works were completed at a cost of nearly 20 trillion VND (900million USD).

Thecity also worked with private investors for 20 public-private-partnership (PPP)projects in transport and environmental protection at a cost of 67 trillion VND(3 billion USD).

Morethan 36,000 enterprises with total registered capital of 496.6 trillion VND (22.2billion USD) were newly registered for an increase of 35.8 percent from theprevious year.

Thecity attracted 3.7 billion USD in foreign investment./.