Speaking at the conference, Director of the HCMC Department of Planning and Investment Le Thi Huynh Mai said that in the first quarter of 2024, the Gross Regional Domestic Product (GRDP) was estimated to reach VND406,345 billion (US$16.2 billion), up 6.54 percent compared to the same period in 2023. The city’s agriculture, forestry, and fishing sectors approximately increased by 0.85 percent. The industry and construction sector posted a growth of 5.66 percent, with the industrial sector rising by 5.37 percent and construction 7.92 percent.
The service sector grew by 7.34 percent. The highest growth was the transportation and warehousing sector with an increase of 16.24 percent, followed by accommodation and food services, which increased by 6.92 percent; scientific and technological activities expanded by 6.24 percent; education and training increased by 6.15 percent; wholesale and retail rose by 5.68 percent; information and communications grew by 5.52 percent; and finance, banking, and insurance inched up by 4.11 percent.
Total retail sales of goods and consumer service revenue for the first quarter of this year were estimated to reach VND270,264 billion (US$10.8 billion), up 12.2 percent over the same period. The first three months of 2024 were also the peak time for shopping activities before, during, and after the Lunar New Year. However, consumers have been tending to cut spending, causing big challenges for businesses.
The Index of Industrial Production (IIP) in the city increased by 5.1 percent compared to the same period last year, including the mining industry expanded by 22.6 percent, the manufacturing and processing industry increased by 4.9 percent, electricity production and distribution rose by 10 percent; while water supply and waste treatment remained unchanged. The value of agricultural, forestry, and fishery production was estimated at VND5,029.6 billion (US$200.8 million), up by 0.9 percent compared to the same period last year when it saw an increase of 2.12 percent.
However, some economic indicators of the city saw low growth or did not achieve the target, such as low credit growth, and foreign direct investment (FDI) attraction that decreased in terms of capital scale, down 7.62 percent over the same period.
The number of businesses that have temporarily suspended operations has increased by more than 20 percent. The implementation in problem-solving of six bottlenecks in administrative procedure reform has not met the requirements. The progress in implementing some complex tasks, major projects, and new initiatives is still slow.
Although identified, efforts to address the 6 bottlenecks in administrative procedure reform have not met the requirements. On the other hand, the progress in implementing some complex tasks, large and new projects is still slow.
In the coming time, HCMC will focus on reforming administrative procedures, solving obstacles, reducing internal administrative procedures, implementing tasks in the socio-economic development synchronously and effectively, assigning specific tasks and responsibilities to individuals.
In addition, the city will pay attention to implementing the theme of 2024, comprising 14 key solution groups and 74 specific tasks; emphasizing the role and responsibility of the heads of agencies and units in digital transformation; enhancing the management and operational capacity of government agencies at all levels; applying digital signatures; handling tasks in electronic environments, online public services, and carrying out online payments in administrative procedures.
Regarding the disbursement of public investment capital, HCMC continues to accelerate the implementation of key projects. It is identified as one of the top political tasks in 2024. The city's departments, agencies, localities, and investors must strictly comply with regulations and disciplines in disbursing public investment, focus on completing investment procedures, and construction, and resolve obstacles to speed up the disbursement of public investment capital.
The People's Committee of HCMC has required relevant agencies and investors to thoroughly and seriously implement construction investment plans and disbursement of public investment capital to reach over 95 percent for the whole year and ensure investment decisions of all new projects that must be completed in the second quarter. The target for public investment disbursement in the second quarter of 2024 is set to be no less than 30 percent.
Additionally, the city will speed up the progress of planning for infrastructure and construction investment, research and application of science and technology, innovation and creativity.
The municipal authorities will also promote cultural and sports activities to serve major events and festivals.
