The proposed economic zone will cover District 7, Nha Be, Can Gio and partly Binh Chanh. Photo credit: Tuoi Tre

The Ho Chi Minh City Institute for Development Studies has submitted to the city administration a plan to develop a large economic zone straddling four districts with incentives to boost the city’s growth.

The plan, for 2016-2035, envisages a special economic zone of nearly 900 square kilometers (347 square miles) on the city’s south in Districts 7, Nha Be, Can Gio, and Binh Chanh.

Tran Anh Tuan, acting director of the institute, said the southern region has many favorable conditions for an economic zone.

“It is situated on the coast with sea ports which are convenient for transportation and logistics.”

The zone would offer tax breaks and other incentives to facilitate economic activity, and specific policies are under consideration, he said.

The zone would attract foreign investment, create thousands of jobs and enable development of the whole southern region, he said.

HCMC was ranked sixth most dynamic city in the world in the 2015 City Momentum Index released by Jones Lang LaSalle in July.

The rapid increase in foreign direct investment and spending on infrastructure helped Vietnam’s southern economic hub become the biggest improver, the real estate services and investment management firm said.

In the first half the HCMC economy is estimated to have grown by 8.5 percent year-on-year to nearly US$19 billion.

(Source: thanhniennews)