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HCMC may have own business and consumer confidence indexes
Van Nam
Tuesday,  Aug 29, 2017,21:14 (GMT+7)

HCMC may have own business and consumer confidence indexes

Van Nam

HCMC - Advanced International Joint Stock Company (AIC) has proposed building for HCMC the Business Confidence Index (BCI) and Consumer Confidence Index (CCI) as part of the smart city management center project.

The indexes are aimed at helping investors explore the city’s economic prospects, and consumer spending and sentiment to make well-informed business decisions.

Experts of AIC said BCI is an important indicator based on monthly and quarterly surveys on the city’s business conditions and enterprises’ expectations. BCI is expected to help businesses determine the market demand and build more effective business strategies. 

BCI will also help businesses and management agencies analyze and devise micro- and macro-economic policies and assess the health of the economy and its relation with the business environment.

Meanwhile, CCI is a socio-economic indicator that measures consumers’ current and future degrees of optimism and pessimism as well as their job and income satisfaction, and is compiled via surveys. 

AIC suggested the city issue the indexes quarterly, starting from this year, by having certain agencies conduct direct surveys and consult economic experts and the HCMC Statistics Office.

The smart city management center is one of four core centers of the smart city scheme being built by the HCMC government and scheduled for announcement in October 2017, according to Tran Vinh Tuyen, vice chairman of the city.

The other three centers deal with data, information safety and strategic forecasting.

Upon suggestions from AIC, Tuyen has asked the city’s departments and agencies to work with the company to complete the scheme for establishing these centers, which will help gauge outlooks for economic development, population and urbanization in at least the next 10 years.

In recent years, many economic experts have proposed the city take drastic measures to prevent corruption and improve transparency in the recruitment process at government agencies.

In addition, the city should improve the Public Administration Performance Index (PAPI) and Provincial Competitiveness Index (PCI) whose components like access to land index, transparency index and labor training index have been downgraded compared to 2015.

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