Monday,  Oct 26, 2020,05:26 (GMT+7) 0 0
HCMC revises down GRDP growth target to 8% for 2020-2025
By Le Anh
Saturday,  Oct 17, 2020,14:26 (GMT+7)

HCMC revises down GRDP growth target to 8% for 2020-2025

By Le Anh

Trucks transport cargo inside Cat Lai Port in HCMC. The city targets annual GRDP growth of 8% for the 2020-2025 period - PHOTO: ANH QUAN

HCMC – The HCMC Party Committee has agreed with a proposal of municipal chairman Nguyen Thanh Phong to revise down the city’s annual gross regional domestic product (GRDP) growth target for the 2020-2025 period to 8% from 8%-8.5% as proposed earlier.

At a congress of the committee on October 17, chairman Phong also suggested adjusting the GRDP per capita target to US$8,500 by 2025 instead of US$8,500-9,000 as suggested in a previous report. The figures will be US$13,000 by 2030 and US$37,000 by 2045.

According to Phong, HCMC’s import-export turnover makes up a large proportion of the city’s GRDP. Meanwhile, European and American countries and others across the world are facing the second and even third Covid-19 wave.

These economies are recovering slowly, in 2021 at the fastest pace. Thus, the global market is still encountering difficulties and affecting the domestic economic development.

HCMC has proposed the Government allow it to raise its budget retention rate to 23% by 2021 to assist with the development of the city. However, the proposal has yet to be approved.

Therefore, the annual GRDP growth target of 8% in the next five years is appropriate.

Earlier, some delegates had cast doubt on the feasibility of the target of the annual GRDP growth of 8%-8.5% and asked for an adjustment.

They also said that the municipal government has not set any targets for rural areas to serve as a foundation to work out development plans for the five outlying districts.

Delegates were also worried about the feasibility of the target that 80% of waste will be recycled and treated in waste-to-energy plants by 2025 and 100% by 2030.

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