National Assembly Chairman Vuong Dinh Hue has signed a decision to officially issue a resolution on a number of specific mechanisms for Ho Chi Minh City that are expected to benefit both individuals and businesses.

The southern economic hub will have greater autonomy in several areas under the resolution.

It is allowed to make use of local budget funds to implement regional and inter-regional road projects.

The city is able to carry out the transit-oriented development (TOD) model on a trial basis, support the conversion of vehicles using fossil fuels to clean energy, and encourage the use of public transport to avoid congestion.

It is permitted to offer income tax exemptions and reductions to individuals and firms involved in innovation and startups in science and technology.

The city can also pilot a financial mechanism for reducing greenhouse gas emissions under the carbon credit exchange mechanism. Carbon credits would be traded with domestic and international investors, with revenue going directly into the city’s coffers.

The resolution also covers incentives to attract strategic investors in such areas as chip production, semiconductor integrated circuits and new materials, conditions for strategic investors, procedures in project registration, and the selection of strategic investors, among others.