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Ho Chi Minh City
Friday, July 19, 2024

HCMC to prioritize removing hindrances to business

The Saigon Times

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HCMC – HCMC will prioritize addressing obstacles within its jurisdiction and supporting key drivers of economic growth, as outlined in the National Assembly’s Resolution 98/2023/QH15, said Phan Van Mai, chairman of the HCMC People’s Committee.

Resolution 98/2023, which replaces the National Assembly’s Resolution 54/2017/QH14 that allows the city to apply a special mechanism, gives greater leeway to HCMC to fuel investment and economic growth.

The city saw lower-than-expected economic growth in the first quarter, but the situation improved in the second quarter, with industrial production, retail sales and import-export turnover regaining positive growth, the Government news site (baochinhphu.vn) reported.

Speaking a hydrid meeting between the central Government and local authorities today, HCMC chairman Mai said the city had made effort to address the woes faced by businesses. So far, 113 out of 232 requests from state-owned enterprises, 169 out of 189 proposals related to 148 real estate projects, and 20 out of 44 investment projects have been tackled, he noted.

In terms of public investment, HCMC had disbursed VND15,431 billion as of June 30, reaching 23% of the full-year target set by the city. The service sector has expanded 7.1% so far this year, while the tourism sector has reported growth of 62.7%.

The city has also begun work on the Beltway No. 3 project.

During the meeting, Mai proposed that the central Government focus on dealing with pressing issues in the real estate market, the bond market, fire fighting and prevention regulations and car inspection.

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