HCMC Focuses on Science Technology Innovations to Drive City's Growth

HCMC Focuses on Science Technology Innovations to Drive City's Growth

Hanoi -- HCM City aims to concentrate its efforts on scientific research, technological innovation, and digital transformation as the city seeks breakthroughs in science and technology development to propel its growth in the upcoming era.

The city is dedicated to aligning itself with a key resolution adopted by the Politburo, outlining ambitions for advancements in research, innovation, and national digital transformations.

One of the main objectives of HCM City's efforts is to develop its R&D fund to make up 2 percent of GRDP by 2030. This will be complemented by investments intended for technological development, which aims to create an environment that invites foreign ventures to join forces with local businesses in scientific and technical fields.

HCM City targets the rank among the top five province/city rankings in Provincial Competitiveness Index while standing tall at third position when it comes to e-government and digital government indexes. Moreover, this city seeks to achieve a remarkable rise of 40 percent of GRDP that can be attributed to its digital economy growth by 2030.

In order to draw the attention of businesses, talents, and investors alike, HCM City plans on devising policies aimed at making scientific research more affordable while offering them exemption from corporate income tax for innovative startup enterprises. Also included in these initiatives are personal income taxes exemptions as well as offerings including tuition fees reimbursement or offering assistance in developing new technology.

The city sees itself to reach its goal of digital transformation with several key pillars which encompass e-government, the digital economy, and digital society. Specifically this is marked by having 80 percent administrative procedures turned online by year's-end in another ten years.

Aiming for growth, HCM City expects that they have more than 40,000 new businesses, while creating over 500,000 well-paying jobs within four to five years.

In their efforts to bring innovation closer to public masses, the city plans an infrastructure that will introduce a plethora of digital applications and platforms that aim at enhancing services and facilitating easier access to citizen services.

This vision can potentially push cities such as HCM City forward into new heights in what is forecasted to be another decade or so.