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Ho Chi Minh City
Saturday, June 22, 2024

Preparing for upcoming challenges

By Le Hoang

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HCMC’s socio-economic performance in the first nine months of the year indicates the city’s commendable efforts in addressing numerous challenges. However, as the year moves into its final quarter, the country’s largest economic hub still confronts various impending obstacles, particularly concerning the disbursement of public investments and sluggish consumer demand. Navigating a challenging path to economic recovery At a meeting discussing HCMC’s socio-economic performance in the January-September period, the HCMC Department of Planning and Investment reported that the city’s gross regional domestic product (GRDP) growth in the third quarter reached 6.71%, surpassing the previous two quarters. However, the overall growth rate for the first nine months of the year stands at a modest 4.57%, significantly below the full-year target of 7.5% to 8%. According to Nguyen Khac Hoang, director of the HCMC Statistics Office, achieving the annual growth target set at the beginning of the year is an arduous task. To reach the targeted 7.5% GRDP growth for 2023, the last quarter must witness a remarkable 15% expansion. If the growth rate target is lowered to 6.5% or 5.5%, then the city’s GRDP should expand by 11% and 9%, respectively, in the final three months. Vo Van Hoan, vice chairman […]
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