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Saturday, June 22, 2024

HCMC sees lower-than-expected growth

By T.Huy

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HCMC – HCMC recorded lower-than-expected gross regional domestic product (GRDP) growth in the first quarter of 2023, leading the HCMC Party Committee to call for solutions to address the slowdown.

Nguyen Van Nen, secretary of the HCMC Party Committee, chaired a meeting on April 1 on the socio-economic performance in the first quarter of the year, with the theme of “Promoting public investment and accelerating the implementation of key projects”.

HCMC’s GRDP expanded a mere 0.7% in January-March, the lowest growth rate among the country’s five centrally-governed cities. The southern city set a target of reaching 7.5-8% of GRDP in 2023, heard at the meeting.

The three solutions for HCMC’s economic recovery, including promoting public investment, removing administrative barriers, and developing the domestic market, were not effectively implemented in the first quarter, Nen assessed.

HCMC only disbursed VND952 billion between January and March, equivalent to 2% of the total capital allocated, way below the amount of VND1.6 trillion in the same period last year.

The information on the stalled projects in the city has yet to be publicly disclosed, leading to low investment and retail revenue growth of a mere 3%, compared to nearly 10% nationwide.

Therefore, Nen requested the immediate removal of obstacles in public and private investment and public announcement of the stalled projects’ information to build trust among businesses.

Regarding economic solutions for April and the second quarter, he asked relevant agencies and departments to urgently resolve difficulties in administrative procedures and concentrate on reviewing mechanisms and policies to remove obstacles for businesses.

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