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Friday, June 14, 2024

Five major cities outline key economic targets for 2024

The Saigon Times

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HCMC – Vietnam’s five major cities are gearing up for economic expansion next year, with a strategic emphasis on digital transformation, green growth, and foreign investment attraction.

HCMC is aiming for a Gross Regional Domestic Product (GRDP) growth rate of 7.5-8% in 2024.

The southern metropolis plans to attract six million international tourists, achieve 100% of its state budget revenue target, and make the most of Resolution 98/2023/QH15 adopted by the National Assembly to bolster economic development. It also aspires to be among the top five localities with the highest digital transformation index.

The capital city of Hanoi has set a GRDP growth target of 6.5-7% for 2024. The city’s government plans to prioritize administrative reform, and improve the investment environment, and the city’s rankings in various economic competitiveness indices. These indices include the Vietnam Provincial Governance and Public Administration Performance Index (PAPI), the Provincial Competitiveness Index (PCI), the Public Administration Reform Index (PAR Index), and the Satisfaction Index of Public Administrative Services (SIPAS).

Danang, knowned for its tourism and logistics, envisions two growth scenarios for 2024. In the first scenario, the central coastal city aims for a GRDP growth ranging from 7-7.5%. This includes an 8-8.5% increase in value added in the service sector and a 3.4-3.8% rise in the industrial-construction sectors. The agricultural-forestry-fishery sector is projected to expand by 2-2.5%.

In the second, more ambitious scenario, Danang looks to obtain GRDP growth of 8-8.5%, anticipating an 8.5-9% expansion in the service sector, a 6-6.5% rise in the industrial-construction sectors, and a 2-2.5% increase in the agricultural-forestry-fishery sector.

The northern port city of Haiphong is eyeing a double-digit GRDP growth rate of 11.5-12% in 2024. To achieve this, the city plans to broaden its economic scope, innovate its growth model, and restructure its economy around the high-tech industry, seaport-logistics, and tourism-trade.

The Mekong city of Can Tho has set a target of 7.5-8% GRDP growth for 2024. The city’s priorities include facilitating the digital and green economy, enhancing the business environment, fostering regional linkages, and attracting international cooperation.

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