HCM City to Pour US$2.4Bln into Three Key Industries by 2010

Ho Chi Minh City, Vietnam’s biggest economic hub, plans to spend around US$2.4 billion to develop mechanical, chemical and electronic and IT industries by 2010. 

 

Of the total sum, the city will invest US$1.2 billion-1.6 billion into the mechanical industry and US$800 million into its chemical sector.

 

Accordingly, the city’s mechanical sector will focus on producing automobiles, maritime transport means, agricultural machines, industrial processing machinery, machine-tool and electric equipment.

 

The local chemical will target in producing pharmaceutical chemistry products, herbal remedy, medicines, hi-tech rubber, and chemical products for plastic industry, while the electronic and IT sector will focus on components and parts, and industrial and telecom electronic products.

 

The plan aims to enable the city’s industrial sector to achieve an average annual growth of 13 per cent and to account for 29-30 per cent of the country’s total industrial production value by 2010.

 

Ho Chi Minh City also targets the three key industries to represent 62 per cent of the city’s industrial structure by 2010 and to have annual growth of 16-18 per cent each. The city hopes to become Vietnam’s electronic, IT and software center with a 40 per cent density of the whole country’s IT industry, while its mechanical industry will account for 41-42 per cent of the country’s total.