HCMC needs to overcome two immediate problems: institutional bottlenecks must be removed to absorb investment capital from all economic sectors, and the government must actually accompany businesses to strengthen the market's confidence.
Prime Minister Pham Minh Chinh has asked the Mekong Delta province of Hau Giang to turn its potential into resources and aspirations into practical and effective actions, and promote its internal strength for faster and more sustainable socio-economic development and higher living conditions of local people.
By the end of the first quarter of 2022, industrial production in Ho Chi Minh City has prospered, with the added value of the whole industry increasing by 5.5 percent. Along with that, export turnover of goods is estimated at nearly US$11.9 billion, up 3.5 percent; foreign direct investment capital reaches nearly VND10 trillion. This shows that HCMC's economic growth is recovering strongly.
Resolutions on the socio-economic mission in 2022 and the socio-economic development plan from 2021 to 2025, including archiving the Gross Regional Domestic Product (GRDP) growth of 6-6.5 percent and creating jobs for 300,000 people, have been approved at the conclusion of the fourth session of the 10th People's Council of HCMC on December 9.
A recently released report by the Statistics Office of Ho Chi Minh City shows that despite being heavily affected by the Covid-19 pandemic, the socio-economic situation remains stable in the first six months of the year. Noticeably, the gross regional domestic product (GRDP) in the first six months of the year increased by 5.46 percent, higher than the estimated growth of 1.02 percent in the same period last year.
Ho Chi Minh City at present is running the project ‘Supporting the Development of Innovative Startup Ecosystems in HCMC from 2021-2025’ in order to upgrade the capability of 3,000 current businesses and incubate 1,000 startup projects until 2025. This has displayed the strong determination of the municipal authorities to boost the growth of innovative startups here.
Before the coronavirus outbreak, Hanoi’s tourism industry contributed 12.54 percent of Gross Regional Domestic Product (GRDP) but 2020 saw a decline of 3.4 percent due to Covid-19, said Secretary of the Hanoi Party Committee, Vuong Dinh Hue.
The Department of Industry and Trade of Ho Chi Minh City, on January 13, held a conference to summarize its activities in 2020, deploy the plan for 2021, and honor the typical industrial and supporting industry products in HCMC in 2020.
The Department of Industry and Trade of Ho Chi Minh City said that by the end of this year, the city got a positive economic growth, with the gross regional domestic product (GRDP) estimated at VND1.4 quadrillion, an increase of 1.39 percent over the same period. Besides, no sectors saw negative growth.
The Statistics Office of Ho Chi Minh City held a press conference to announce the socio-economic statistics of the city in 2020 on December 29 with the attendance of Ms. Phan Thi Thang, Vice Chairwoman of the municipal People's Committee.
Agricultural production area in HCMC reduces every year but value continues increasing reaching VND450 million (US$19,815) a hectare in 2017, a year on year increase of 9.8 percent, reported the city Department of Agriculture and Rural Development.
Although agriculture accounts for only 0.8 percent of Gross Regional Domestic Product (GRDP), HCMC still has about 1 million farmers so relevant sides should assist them to increase income, said HCMC Party Committee Secretary Nguyen Thien Nhan yesterday.