State budget revenue is expected to surpass VND103.16 trillion, marking a 13.69 percent increase compared to the same period last year. The real estate market is showing signs of robust recovery, with business revenue projected to rise by 20.1 percent year-on-year.
On March 6, the HCMC People's Committee convened to review the socioeconomic situation for February and the first two months of the year. They also discussed key tasks and solutions for March 2024.
Mr. Nguyen Van Nen, Member of the Politburo cum Secretary of the HCMC Party Committee, participated in and guided the meeting. Mr. Phan Van Mai, Member of the Party Central Committee, Deputy Secretary of the Municipal Party Committee, and Chairman of the HCMC People's Committee, chaired the conference. Also in attendance were Vice-Chairpersons of the HCMC People's Committee, leaders of departments, districts, and Thu Duc City.
At the beginning of the session, Chairman Phan Van Mai of the HCMC People's Committee emphasized that since the beginning of 2024, various departments, districts, and Thu Duc City have been actively focusing on steering the outlined key tasks and priorities, especially in the implementation of the year's overarching theme.
During the meeting, Chairman Mai urged leaders of departments, districts, and Thu Duc City to present their achieved results and key strategies concerning the implementation of the year’s theme, especially digital transformation and the execution of National Assembly Resolution 98.
The HCMC Department of Information and Communications focused on reporting digital transformation efforts, while the HCMC Department of Planning and Investment concentrated on presenting the outcomes of implementing NA Resolution 98.
Presenting at the conference, Ms. Le Thi Huynh Mai, Director of the HCMC Department of Planning and Investment, reported that the total State budget revenue for the first two months of the year is estimated to exceed VND103.16 trillion, reaching 21.37 percent of the annual plan and increasing 13.69 percent compared to the same period last year. Domestic revenue accounted for over VND87.66 trillion, while revenue from import-export activities reached VND15.5 trillion.
The real estate market has displayed more encouraging signs of recovery, with business revenue estimated to surge by 20.1 percent compared to the same period last year. Credit growth saw a 0.6 percent increase compared to January. 6,283 new enterprises were established with a newly registered capital totaling VND56.85 trillion, up 18.2 percent in quantity and 44.4 percent in registered capital year-on-year.
The consumer price index saw a more moderate increase compared to the national average, which has helped boost domestic purchasing power. Total retail sales of goods and revenue from consumer services in February were estimated at VND84.2 trillion, with retail sales reaching VND41.78 trillion. The decline in revenue for most product categories compared to the previous month can be attributed to consumer spending patterns, with the majority of people concentrating their shopping around the pre-Tet month (January). In the first two months of the year, revenue topped VND184.89 trillion, an increase of 14.8 percent compared to an increase of 6.1 percent in the same period last year.
Export turnover is projected to reach US$3.8 billion, with a cumulative total of $6.3 billion for the first two months of 2024, up 11.6 percent year-on-year. In the short term, several sectors are experiencing export market challenges due to the global decrease in demand, particularly for non-essential consumer goods. Import turnover is estimated at $3.5 billion, with a cumulative total of $8.4 billion for the first two months of the year, up 8.6 percent compared to the same period.
The volume of public passenger transportation is expected to reach 33.2 million passengers, marking a 10.2 percent increase compared to the same period in 2023 and achieving 6.9 percent of the 2024 annual target (477.67 million passengers).
Tourism revenue for February is estimated to reach VND15.74 trillion, up 21.2 percent compared to the same period in 2023. Economic sectors have attracted and provided employment opportunities for 27,232 individuals, achieving over 9 percent of the annual plan. Among them, 14,461 new jobs were created, achieving 10.3 percent of the annual plan.
In terms of leadership and management, the care efforts and organization of traditional Tet celebrations were commendable, ensuring that everyone could enjoy Tet with the motto "A peaceful, joyful, warm, safe, and economical Tet."
However, despite these achievements, there were also some limitations in the socio-economic development of HCMC. These include a low disbursement rate of public investment capital and a decrease of 47 percent in the scale of foreign direct investment (FDI) despite an increase in the number of projects.
In the first two months of 2024, the economic sectors attracted and facilitated employment for 27,232 out of 300,000 individuals, achieving 9.08 percent of the annual target. Among them, 14,461 new jobs were created out of 140,000, reaching 10.33 percent of the annual target. HCMC organized seven job fairs, providing counseling and job introductions to 20,808 individuals.
