Ho Chi Minh City has declared to become the economic and financial hub of Asia by 2045 with high living standards and sustainable development.

The chair of the Municipal People's Committee, Nguyen Thanh Phong, told the media that by 2025, it would be a smart city and service city, with a modern industry.

It will retain its role as the economic locomotive and growth driver for the key southern economic region and the country as a whole.

The city is also expected to take the lead in innovation and development with the GRDP per capita expected to rise to around 8,500 dollars by 2025 and 13,000 dollars by 2030, when the city is expected to become a hub of economic, finance, business, science and culture in Southeast Asia. GRDP per capita is expected to reach US$37,000 by 2045.

Phong said that the city has set 26 development criteria for the 2020-2025 period, covering five spheres, including a GRDP growth rate of around 8 per cent and the contribution of the digital economy to GRDP to stand at 25 per cent by 2025 and 40 per cent by 2030.

To that end, it will focus on overhauling its growth model, spurring socio-economic development in tandem with economic development, and boosting scientific-technological development, innovation, and creation, he said.