A conner of HCM City. — Photo baodautu

HCM CITY (Biz Hub) — The HCM City administration has instructed relevant agencies to finalise plans for the establishment of a special economic zone encompassing districts 7, Binh Chanh, Nha Be, and Can Gio.

In an announcement on Monday the Chairman of the City People's Committee, Le Hoang Quan, said the SEZ is aimed at creating an impetus for the city's production and business activities, boosting trade, mobilising investment, and promoting services and infrastructure development.

Quan said its establishment is of great importance and would boost the city's development.

He urged the officials drafting the master plan for the SEZ to identify the sectors and industries that would spur its development, propose models for the development of the project and plans for raising funds from the private sector, international financial organisations and other investors for its development.

Quan also tasked the HCM City Institute for Research and Development with researching mechanisms, laws, regulations and policies related to special economic zone models to select the best and most suitable ones for HCM City.

The Department of Planning and Investment has been instructed to review the existing zoning plans for the areas where the SEZ will be built so that it does not encroach on any other project.

It has also been told to identify the advantages of the new special economic zone based on the zoning plans of Hiep Phuoc and Phu My Hung Urban Areas to better exploit its potential.

"As a new model of development, the SEZ is one of the major projects to support the city's sustainable development," Quan told a meeting of the People's Committee last July.

Quan said most SEZs take five to 10 years to break even, adding that a big push is needed to make the city's SEZ successful.

In December 2013 the Government approved a master zoning plan for HCM City's socio-economic development until 2020 envisaging a system of satellite urban areas, industrial clusters, commercial areas, and special economic zones.

The economy will be developed with major contributions from services and industry and priority given to value-added and vital industries like engineering, electronics and information technology, chemicals, rubber, food processing, bio-technology, and garment and footwear design. — VNS