HCM City ordered for greater efforts to reach economic growth of up to 8%

PM Chinh's delegation on August 10 worked alongside leaders of Ho Chi Minh City on socio-economic results and the implementation of Resolution No. 98 of the NA on piloting a number of specific mechanisms and policies for the development of Ho Chi Minh City (Resolution 98).

In his opening speech, PM Chinh asked delegates to give straightforward opinions on issues, obstacles, and difficulties that need to be resolved.

Underlining the great importance of the tasks for the final months of the year, the cabinet leader proposed focusing discussions on promoting the socio-economic development of the southern metropolis, realising the Government's goals of stabilising the macro-economy, controlling inflation, boosting growth drivers, and ensuring major balances.

The PM highlighted the southern city as a leading locality which makes great contributions to the whole country.

The city's GRDP has increased by 1%, contributing 0.18% to the country's overall GDP growth, whilst the budget revenue contributes 27% to 30%.

In his report delivered at the meeting, Phan Van Mai, chairman of Ho Chi Minh City People's Committee, said that the city’s GRDP in the first half of the year soared by an estimated 6.46% over the same period from last year, the highest since 2020, contributing 19.65% to the overall growth rate of the whole nation.

Other indicators recorded strong growth, such as total retail sales of goods, whilst consumer service revenue increased by 10.3%. Elsewhere, export turnover rose by 10%, import turnover increased by 5.9%, and the industrial production index (IIP) climbed by 6.2% over the same period from last year.

State budget revenue hit VND309,000 billion, meeting nearly 64% of the annual estimate, an annual rise of nearly 14%. The tourism industry continued to maintain its development and achieved high growth as total tourism revenue increased by 15.4%, international visitors to the southern city rose by 30.3%, and public passenger transport volume surged by 20.8% over the previous year.

Ho Chi Minh City also worked out synchronous solutions specifically aimed at speeding up the progress of key projects and works, with a particular focus on finding ways in which to remove legal obstacles to bring initial results.

Simultaneously, the municipal People's Committee submitted to the Ministry of Planning and Investment in order to review the Ho Chi Minh City Planning dossier for the 2021 to 2030 period and finalise the Project to adjust the Ho Chi Minh City Master Plan to 2040 with a vision ahead to 2060 to submit to the Ministry of Construction.

Regarding tasks for the second half of the year, the municipal leader said that Ho Chi Minh City will focus on breakthrough solutions, including promoting public investment disbursement, increasing total social investment; stimulating public consumption, and ensuring market stabilisation.

This includes supporting export promotion, promoting new growth drivers, ensuring social security, as well as digital transformation and administrative reform. The southern city therefore aims to increase GRDP growth by 7.5% this year and by 8% in 2025.

Concerning the results of the one-year implementation of Resolution 98/2023, Phan Van Mai assessed that the implemented work has brought positive effects, with many mechanisms having come into life, whilst several mechanisms are in the process of implementation.

The southern city will primarily focus on unimplemented tasks associated with Government Decree 84/2024, organise investment promotion conferences, attract strategic investors, upgrade Ho Chi Minh City Finance and Investment State-Owned Company  (HFIC), develop urban areas following a transit-oriented development (TOD) model, exchange carbon credits, and complete land allocation and land lease procedures for projects.

Furthermore, Ho Chi Minh City also recommends that the Prime Minister move to review the problems occurring in the carbon credit trading activities of project owners, especially when trading carbon credits in foreign markets.

Concluding the conference, the PM emphasized the role of Ho Chi Minh City as “the nucleus and growth pole of the region,” “a civilized, modern, dynamic and creative city,” “the economic, financial, commercial, scientific and technological, and innovation center of the whole country.”

Concluding the conference, PM Chinh emphasized the role of Ho Chi Minh City as “the nucleus and growth pole of the region,” “a civilized, modern, dynamic and creative city,” “the economic, financial, commercial, scientific and technological, and innovation center of the whole country.”

He expressed his hope and belief that with solidarity, unity, high determination, great efforts, and drastic actions, Ho Chi Minh City will bring into full play the achieved results, unleash resources, fully tap into its potential, and make greater breakthroughs to achieve constant development in the time ahead.