[22 March, 2015] Vietnam Net Bridge reports on Higher competitiveness needed to fuel growth in HCMC. An abridged version of the article is reproduced below.

The government of HCMC needs to make greater effort to improve labor productivity and competitiveness if the city wants to serve as the strong locomotive of the country’s economy, said the head of the Party Central Committee’s Economic Commission, Vuong Dinh Hue…

Hue said the competitiveness of local enterprises which are the drivers of the city’s economic growth, is not strong and that they are now grappling with difficulties as the nation is integrating deeper into the regional and global economies.

To prop up socio-economic development in the years to come, the city should focus on a growth model that boosts labor productivity and competitiveness, research and development (R&D), industrial restructuring with modern technology and local content in its products, and development of industrial clusters and supporting industries…

But HCMC chairman Le Hoang Quan insisted the city had obtained strong economic growth and economic restructuring had been implemented effectively in the past years. The city’s gross domestic product (GDP) was US$5.3 billion in 2000 but rose to more than US$40 billion last year.

As of the end of last year, the city had had three export processing zones, 13 industrial parks, 37 commercial centers, 175 supermarkets, 240 traditional wet markets, and 723 convenience stores.

To read the full, unabridged article on Vietnam Net Bridge, click onto Higher competitiveness needed to fuel growth.