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Monday, July 22, 2024

HCMC reports strong economic growth this year

The Saigon Times

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HCMC – HCMC’s gross regional domestic product is estimated to rise by over 9% this year, well above the target of 6%-6.5%, showing the city’s strong post-Covid recovery, heard a conference held by the Standing Board of the HCMC Party Committee on November 30.

All the three main pillars of the city’s economy are expected to expand. Specifically, the industry-construction sector is estimated to improve 11% year-on-year, while the service and agro-forestry-fishery sectors are expected to increase by 9.5% and over 3%, respectively, year-on-year.

The index of industrial production is estimated to gain 14.2% year-on-year, with the four key industries estimated to rise by 16.4% against last year. Retail sales of consumer goods and services are expected to soar some 31% year-on-year.

The city’s total export revenue might reach US$49.5 billion, up 10.3% year-on-year, while its total spending on imports will amount to an estimated US$66.2 billion, up 10% against last year.

HCMC expects an estimated VND120 trillion from tourism, skyrocketing 171% year-on-year. Domestic tourist arrivals in HCMC are about 25 million, up 167%, while the city looks to welcome 3.5 million international visitors, jumping by 100% year-on-year.

In addition, the city’s budget revenue might total VND457.5 trillion this year, up over 17% year-on-year.

Apart from positive economic results, the city has seen multiple challenges related to the disbursement of public investment and the land clearance and resettlement of several projects.

The shortage of medicine and vaccines at healthcare centers and hospitals is also among the city’s challenges.

As such, the city set a series of targets for 2023 at the conference, considering 2023 as a key period to increase growth momentum. Challenges and global uncertainties will continue next year, so the city should promptly and proactively make it more resilient and adaptable, optimize its potential and strength for development and resolve existing difficulties and bottlenecks.

The city targets gross regional domestic product at 7.5%-8% in 2023. Next year, the city will focus on developing digital economy, supporting enterprises with digitalization, boosting exports, investing in logistics, promoting smart tourism and quickening its international financial center development plan.

Furthermore, next year, the city will expedite work on key projects, mainly the first and second metro lines, Beltway No. 3, the HCMC-Moc-Bai expressway and terminal T3 at Tan Son Nhat airport.

As for the Thu Thiem New Urban Area, the city will continue to call for investment and mobilize workforce to develop the area into a modern urban area, a financial center and an innovative hub.

Besides, the city will enhance its efforts in fighting and preventing Covid, pay much attention to the health of residents and increase medical supplies.

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