Southern key economic zone told to make development headway

PM Nguyen Xuan Phuc works with leaders of 8 cities and provinces in the southern key economic zone

PM Phuc made the request during a meeting held in Ba Ria-Vung Tau province on May 30 with leaders of various provinces and cities located in the southern economic zone.

The zone plays an important role in national economic development the PM noted, adding that the area makes up 42% of the country’s overall GDP along with 42% of national budget revenue.

Amid a global economic downturn as a result of the COVID-19, he stated that the zone must prove itself to be a hub driving forward the country’s growth while contributing to maintaining macroeconomic stability and ensuring overall social security.

The PM then cited the World Bank’s recent report which details how Vietnam is at a crossroads with traditional growth drivers starting to weaken. To achieve the goal of a high-income economy by 2045, the World Bank recommends that the country focuses on business dynamism, improve the efficiency and sustainability of local infrastructure, increase the quality of vocational education and training, and effectively manage natural resources.

With the global economy experiencing a downturn due to the negative impact of the COVID-19 pandemic, Vietnam should put every effort into weathering the impending storm, PM Phuc stated.

With this goal in mind, he requested that eight cities and provinces in the southern economic zone move to speed up the disbursement of public investment, especially with regard to relief aid packages introduced by the Government as a way of easing the impact of the COVID-19.

Moreover, he said localities should look to be ironing out business snags, implementing effective improvements of their business and investment environment, whie increasing the competitive capacity of localities throughout the zone.

The southern key economic zone must therefore look to take advantage of its numerous strength, including well-shaped industrial parks, an abundance of labour, and well-organised infrastructure, in order to receive a possible wave of investment as a result of major groups looking to shift investment, he said.

The PM underscored the need for the zone to develop a private and digital economy whie simultaneously initiating a new business model that focuses on stimulating local demand and boosting exports.

Moreover, cities and provinces in the zone were asked by PM Phuc to propose breakthrough policies aimed at mobilising resources suitable for infrastructure development, in addition to ways of attracting investment into economic, industrial zones, and residential areas.

The same day the PM took a fact-finding trip to Cai Mep-Thi Vai port, Phuoc An bridge construction site, and a US$1.35 billion chemical manufacturing project owned by Hyosung company of the Republic of Korea./.

VOV