HCMC succeeds in preventing recession, keeping economic growth momentum

Despite facing difficulties and challenges due to the impact of the world situation, thanks to the city-state machinery’s determination, Ho Chi Minh City has prevented recession and kept economic growth momentum. 
Visitors to Ben Thanh Market in District 1

Visitors to Ben Thanh Market in District 1

The working group of Binh Tan District has recently continued to support businesses and business households in the district by organizing scheduled conferences to meet and remove difficulties for businesses and connecting banks and businesses for loans with preferential interest rates. To date, commercial banks in the district have disbursed more than VND22,670 billion (US$935,147,229) in preferential credit packages to 9,653 enterprises and business households.

In the first nine months of the year, total state budget revenue is estimated to top VND2,906 billion, reaching 80.7 percent of the target and increasing 1.29 percent over the same period last year. The total production value in the first 9 months of 2023 is estimated to reach VND75,838 billion, up 10.48 percent over the same period. In addition, the district reported some 6,467 newly invested economic establishments, with a total registered capital of more than VND11,285 billion.

Elsewhere in HCMC, District 10 has more than 13,372 enterprises including 1,119 newly registered enterprises with a total investment capital of more than VND160,820 billion in the first nine months of 2023. State budget revenue in the first 9 months of 2023 is estimated to exceed VND1,950 billion, equal to 82.79 percent of the city's estimate of VND2,356 billion.

District 6’s economic situation has also improved with the total value of commercial and service production in the first 9 months of 2023 increasing by 9.36 percent over the same period to hit VND47,634 billion. Total revenue from sales of goods and services is estimated at more than VND346,068 billion, up 13.7 percent over the same period.

Chairwoman of District 6 People's Committee Le Thi Thanh Thao said that the district is focusing on implementing many key solutions and tasks for socio-economic development. In particular, the district will develop specialized streets and trade and service routes with high added value, simultaneously, the district will promote the initiative and creativity of the Party Committee and People's Committee of 14 wards in the construction of specialized, trade and service routes.

According to the Ho Chi Minh City Institute for Development Studies (HIDS), from April until now, a number of economic growth drivers have shown signs of improvement and continue to maintain recovery momentum. Ho Chi Minh City's industrial production index increased slightly, consistent with the monthly improvement. Moreover, the tourism industry maintains a fairly stable increase, which will have a major spillover impact on many market service industries such as transportation, accommodation and food, travel, art activities, and entertainment.

In addition, consumption of goods maintained its growth momentum quarter on quarter and improved in the past 8 months. It is expected that the last months of the year will continue to maintain momentum thanks to the increase in base salary.

Since then, HIDS has set three economic growth scenarios for Ho Chi Minh City in 2023: 6.08 percent, 6.47 percent and 7.46 percent. However, with the current global and national economic context, the city's economic growth is likely to increase by 6.08 percent.

To maximize the motivation and overcome difficulties, HIDS proposed that the city needs a breakthrough policy from the leadership to promote the administrative apparatus to implement the Resolution 98 of the National Assembly on piloting several specific mechanisms and policies for the development of Ho Chi Minh City. In addition, the institute suggested acceleration of the general planning adjustment in the southern metropolis to 2040 with a vision to 2060 and establishment of the socio-economic master plan of Ho Chi Minh City for the period 2021-2030 with a vision to 2050.

Last but not least, the city also needs to drastically disburse public investment to speed up the progress of site clearance, compensation, relocation support and resettlement for projects with land recovery; strengthen inspection and supervision in the field of public investment and stimulation of domestic consumption demand.

Ho Chi Minh City focuses on improving PAPI and PAR Index

Chairman of Ho Chi Minh City People's Committee Phan Van Mai has just signed a directive document on improving the Administrative Reform Index (PAR Index) and the provincial Public Administration and Governance Performance Index (PAPI).

The People's Committee Chairman requested heads of departments, agencies, and chairmen of the people's committees of districts and Thu Duc City to urgently implement unfinished tasks in the plan which aims at improving the indicators of Ho Chi Minh City and agencies and maintaining efficiency on performing duties.

Along with that, the city will check the progress of implementing key administrative reform tasks of officials and civil servants. At the same time, the city's authorities coordinate with the Vietnam Fatherland Front Committee in Ho Chi Minh City and socio-political organizations to spread the information of achievements and solutions in their ongoing efforts to promote socio-economic development, contributing to improving the quality of agencies’ administrative services to dwellers and businesses.

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