Tan Thuan Export Processing Zone in HCM City is now attracting lots of workers, contributing to the city’s economic development.

Le Hoang Quan, chairman of the municipal People’s Committee, said a stimulus package of VND30 trillion (US$1.7 billion) would help jumpstart investment in industry, increase production and export of major products, and boost consumption.

City authorities are now examining a list of projects that would be able to use the funds most effectively.

Among them, Hiep Phuoc Port in Nha Be District and Thu Thiem Urban Area in District 2 are expected to have high returns.

The city’s high-tech parks, a laboratory on stem cell research, and Cu Chi Hospital are other projects under consideration.

Quan said the city had set a plan to create jobs for around 120,000 people this year.

In another effort to support small and medium-sized enterprises (SMEs), the city has established another fund, with total investment capital of VND400 billion ($22.9 million), to help guarantee loans for SMEs.

Many SMEs are facing difficulties because of the economic downturn. Around 57 companies have closed, leaving more than 4,000 people jobless, according to trade union reports.

With the economic stimulus package, the city hopes that it will generate thousands of jobs, support enterprises in technology upgrading, and maintain the city’s growth rate, Nguyen Thi Hong, deputy chairwoman of the city’s People’s Committee, said.

The city is also working to ensure that labour regulations are upheld, particularly at enterprises that owe salaries and insurance premiums to workers.

VietNamNet/VNS