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Gov’t proposes breakthrough mechanisms for HCMC

VGP - Minister of Planning and Investment Nguyen Chi Dung on Friday submitted a draft resolution on number of specific mechanisms for Ho Chi Minh City to the National Assembly.

May 26, 2023 10:27 PM GMT+7
Gov’t proposes breakthrough mechanisms for HCMC - Ảnh 1.

Minister of Planning and Investment Nguyen Chi Dung is presenting a draft resolution of the Government on piloting a number of specific mechanisms for Ho Chi Minh City, Ha Noi, May 26, 2023 - Photo: VGP/

If approved, Ho Chi Minh City, which contributes nearly 27 percent of the national budget, would have greater autonomy in several areas.

Under the draft resolution, the southern metropolis, the biggest economic hub in Viet Nam, would be allowed to make use of the local budget to implement regional and inter-regional road projects.

The southern city would carry out the transit-oriented development (TOD) model on a trial basis, support the conversion of vehicles using fossil fuels to clean energy, and encourage the use of public transport to avoid congestion.

The metropolis would be allowed to offer income tax exemptions and reductions to individuals and firms involved in innovation and start-ups in science and technology.

The city would be able to pilot a financial mechanism for reducing greenhouse gas emissions under the carbon credit exchange mechanism. The carbon credits would be traded with domestic and international investors, with revenue going directly into the city’s coffers.

The draft resolution also covers incentives to attract strategic investors in such areas as chip production, semiconductor integrated circuit and new materials, conditions for strategic investors, procedures of project registration, and the selection of strategic investors, among others.

Moreover, the city would be given a privilege to decide on the number of deputy heads of the municipal government, as well as of wards, communes, and townships.

It would be entitled to specify the election, recruitment, management, and employment of officials and civil servants working in communes, townships, and wards.

Previously, in 2017, the National Assembly issued Resolution 54 with many specific mechanisms for Ho Chi Minh City in an attempt to drive the southern financial and economic hub forward.

However, the implementation of the resolution over the past year has failed to meet its own expectations due to obstacles from relevant ministries and agencies. Most of the specific policies on financial management to increase revenue, such as the equitization of State-owned enterprises and revenue from public asset auctions, have so far yet to be implemented.

Lawmakers are expected to pass the draft resolution on June 24./.