HCM City urged to intensify economic recovery steps

VOV.VN - The year’s first quarter saw Ho Chi Minh City enjoy growth of 1.03%, according to a new report to be released by the General Statistics Office, while Prime Minister Nguyen Xuan Phuc has suggested that the southern metropolis should strive to devise solutions in order to facilitate the local economy recovering in an effective manner.

hcm city urged to intensify economic recovery steps hinh 0
The suggestion by PM Phuc was given as he chaired an online meeting with municipal leaders on May 8, during which he highlighted the importance of maintaining the strong economic growth of Ho Chi Minh City, the nation’s largest economic hub.

This comes amid reports that economic growth had been underreported, with the southern city’s growth rate currently standing at 1.03% as opposed to 0.42%, whilst the nation’s overall growth in the first quarter growth is much higher than 3.82%. This represents positive news for the national economy as it faces a similar difficult situation to that of the rest of the world, the government leader added.

PM Phuc’s remarks describe the southern metropolis as a unique place that plays a very important position for the country in terms of economics, politics, social affairs, science, and technology.

With a population of over 10 million, the city is therefore at high risk of outbreaks of the novel coronavirus, although so far it has been very active and successful in combating the epidemic, the PM noted.

Despite facing difficulties both globally and domestically, the southern city has adopted a range of effective business and social security models in a bid to contribute to revitalise the national economy. Moreover, Ho Chi Minh City is also the locality that was first to implement social security support packages with the aim of helping disadvantaged people.

This comes after PM Phuc requested that the Ministry of Planning and Investment focus more on GDP calculation factors, including the failure to fully calculate US$3 billion in first quarter export turnover. As a result, the government leader has requested an accurate recalculation of data to ensure transparency.

Whilst the southern city's growth rate of 1.03% may not be high, the state's budget revenue from domestic resources and import-export activities remains stable and can still be considered as a success, he noted.

PM Phuc concluded by stating that he is keen to listen to recommendations regarding numerous issues proposed by municipal leaders in order to handle them within the government's capacity, especially with regard to unfinished construction projects.