PM assigns HCMC to achieve 6.7 percent growth in 2020

Speaking at the government’s April online conference today, Prime Minister Nguyen Xuan Phuc assigned Ho Chi Minh City to achieve 6.7 percent growth in 2020 as the city is a growth driver for Vietnam’s economy.
At the online government's conference (Photo: SGGP)
At the online government's conference (Photo: SGGP)

HCMC leaders predicted that its economic growth will be more than 6.7 percent.

PM Phuc said that HCMC plays a pivotal role in the country’s economy; therefore, it should take more drastic measures to realize the 2020 growth target of 6.7 percent.

At the conference, Deputy Chairman of HCMC People’s Committee Le Thanh Liem said that in first four months this year, total goods and service revenue amounting to an estimated VND387 trillion (US$ 16,5 billion ), down 11 percent against the same period last year.

Moreover, due to impacts of Covid-19 and regulation of social distancing, in the first four months, HCMC received 1.3 million visitors, declining by 55 percent compared to the same period last year and tourism revenue stood at VND26 trillion, down by 42 percent. The first four months recorded the establishment of around 11,224 enterprises, with registered capital of some VND148 trillion and foreign direct investment (FDI) capital of US$1.3 billion.

Regarding budget collection, the city collected VND120,703 billion meeting 29.74 percent of the estimate but dropping 9.8 percent compared to the same period last year. Compared to the country’s total budget collection of VND491 trillion, the city achieved 24.56 percent.

The city’s high public investment disbursement is one of its good points, tripling the same period last year. Total export revenue in four months reached $14.4 billion, a year-on-year increase of 16.7 percent while import turnover was $16.08 billion, up 5.3 percent against the same period last year.

Amid Covid-19 outbreaks, the city has celebrated 45 year anniversary of the National Reunification Day and controlled well the disease. Implementing the government’s resolution No. 42 on providing financial aid to people affected by Covid-19, the city has spent nearly VND 700 billion to these residents.

According to Vice Chairman Liem, to restore the city’s economy while monitoring the pandemic well, the city has issued seven codes of conduct and regulations for sectors and fields. The city still keeps alert on the disease. In May and next months, the city will still focus on preventing Covid-19 as well as implement solutions to boost economy.

The city also has developed specialized policies to increase economic growth and to help enterprises overcome present difficulties.

Especially, the city organized an online talk themed “Restoring and developing HCMC’s economy in 2020” with participation of city leaders, economists, representatives from state competent agencies and enterprise asociations, outstanding firms. City leaders listened to enterprises’ opinions to have good solutions to help businesses maintain production and seek opportunities.

Mr. Liem reported that the city has had scenario for its growth to precisely forecast quarterly and the whole year economy. Furthermore, the city will assess the growth of the period 2016-2020 which will be used as basis for the plan of 2021-2025.

Additionally, the city will step up disbursement of public investment as a top priority to boost growth in 2020 in the light of Covid-19, said Mr. Liem.