HCM City to overcome challenges to achieve 7.5-8% growth in 2024
Speaking at a meeting last Saturday, Phan Văn Mãi, chairman of the city People’s Committee, said that measures to achieve this growth target included speeding up public spending, enhancing public services, streamlining administrative reform, controlling inflation and stabilising the macro-economy.
The city would particularly focus on expediting public spending, boosting consumption and resolving the challenges faced by businesses in 2024, he said.
Over the years HCM City has seen rapid urbanisation and economic development, leading to increased demand for public services and infrastructure.
However, the city has faced challenges in effectively disbursing public funds, resulting in delays in crucial projects and hindered economic growth.
As of January 5, the city’s public investment disbursement reached nearly VNĐ44 trillion, only 64 per cent of the full-year target.
Phan Văn Mãi, chairman of HCM City People’s Committee, speaks at a meeting in the city last Saturday. VNA/VNS Photo |
In addition to speeding up public spending, the city will focus on developing high-quality human resources and promoting digital transformation to foster digital governance, a digital economy, and a smart city.
It will continue to create the most favourable conditions for business activities, according to Mãi.
It will also review and adjust its general planning, including land use plans until 2040, as well as land prices, housing development plans, and the development and management of social housing until 2030.
Lê Thị Huỳnh Mai, director of the Department of Planning and Investment, said speeding up public spending would be a significant factor for the city to reach its growth target for 2024.
She recommended the city improve the capacity of department and branch leaders in capital disbursement, monitor progress regularly, accelerate site clearance, shorten investment procedure time, and be flexible in capital adjustment arrangements.
Dr. Trần Du Lịch, chairman of the Advisory Council implementing Resolution 98, said meeting the growth target of 7.5 - 8 per cent was challenging but attainable with effective measures.
He recommended the city make efforts to recover the real estate market and continue restructuring state-owned enterprises.
The city must focus on recovering the real estate market which is only frozen in the high-end segment, while there is a lack of more affordable products, according to Lịch.
To boost the city’s exports, Nguyễn Ngọc Hòa, chairman of the HCM City Business Association (HUBA), recommended instead of focusing solely on four large markets, HCM City should pay attention to other open markets like India, South America and Middle Eastern countries.
The city’s economy is expected to rebound in the second quarter and achieve 8 per cent growth in 2024, according to the HCM City Macroeconomic Report: 2023 Results and 2024 Forecast, which was released recently.
Earlier the city had set up an ambitious goal to achieve a growth rate of 7.5-8 per cent and attain 100 per cent of State budget revenue targets in 2024.
In 2023, the city’s growth was only 5.81 per cent, significantly down from over 9 per cent in 2022.
Total retail sales of goods and consumer services in 2023 increased by 10.8 per cent, and total tourism revenue increased by 22 per cent over 2022.
International visitors to the city increased by 44.3 per cent and the number of newly established businesses increased by 10 per cent.
The city’s economic recovery will continue to face challenges in 2024 caused by escalating global turmoil, experts have warned.
The real estate, stock and bond markets will continue facing obstacles this year despite a number of Government measures.
Some enterprises have been reporting a lack of export orders due to weak global demand.
See also
Bình Thuận works to stop fishing vessels from infringing on foreign waters
06:00 | 08/05/2024 Province
Lao Cai seeks solutions for mining, hydroelectric enterprises
06:00 | 18/04/2024 Province
Bac Kan Province: Positive signs of industrial production, trade
06:00 | 03/04/2024 Province
Positive changes seen in HCM City’s transport infrastructure development
09:08 | 19/02/2024 Province
HCM City tightens food monitoring as Tết approaches
11:08 | 05/02/2024 Province
HCM City braces for traffic congestion around airport amid Tết rush
06:00 | 01/02/2024 Province
See more news
Provincial industries experience new breakthroughs
14:00 | 31/01/2024 Province
Orientations to build Hung Yen as ecological, smart city
14:00 | 30/01/2024 Province
Hung Yen Province accelerates industrialization
14:00 | 27/01/2024 Province
HCM City airport new terminal is 50 per cent complete
06:00 | 25/01/2024 Province
Ho Chi Minh City brings regional specialties to distribution channels
14:00 | 17/01/2024 Province
Da Nang promotes sale of OCOP and typical products
14:00 | 16/01/2024 Province
FDI a major driving force of economic growth
14:00 | 15/01/2024 Province
Hai Phong to further strengthen economic pillars in 2024
14:00 | 05/01/2024 Province
WB-funded agriculture project benefits 29,000 farmer households in Soc Trang
06:00 | 31/12/2023 Province
Quang Nam diversifies trade promotion activities
14:00 | 19/12/2023 Province
Hà Nội Metro announces profit from the Cát Linh–Hà Đông metro line
10:00 | 19/05/2024 Economy
Cement makers call for scraping of clinker export tax
09:00 | 19/05/2024 Economy
Tourism sector goes green for sustainable development
08:22 | 19/05/2024 Tourism
Digital transformation in logistics - a key to unlocking sustainable e-commerce and economic development
07:00 | 19/05/2024 Economy
First provincial biodiversity museum launched in Quảng Nam
06:00 | 19/05/2024 Environment
Multimedia
Việt Nam plans to preserve ethnic minorities’ intangible cultures at risk of disappearing
06:00 | 15/05/2024 Lifestyle
The Hải Phòng Red Flamboyant Festival celebrated the city's special UNESCO status
16:49 | 13/05/2024 Lifestyle
HCM City: top spot in Việt Nam for slow travel lovers
09:00 | 13/05/2024 Tourism
The Anam Cam Ranh named among Vietnam’s best family hotels
06:00 | 11/05/2024 Vietnamese Brands
Nguyễn Dynasty Urns in Huế make it to the UNESCO Memory of the World List
07:00 | 11/05/2024 Lifestyle
Tax, land rent payment deadlines to be extended this year
06:00 | 19/05/2024 Policy
Ministry proposes tax filing deadline extension for 2024
06:00 | 17/05/2024 Policy
Viet Nam targets to have 2 million enterprises by 2030
07:00 | 15/05/2024 Policy
Law on Telecommunications hoped to promote development of new telecoms services
06:00 | 13/05/2024 Policy
Energy giants plan for national power plan
06:00 | 18/05/2024 Energy
Vietnam charts vision for sustainable, modern fisheries
06:00 | 16/05/2024 Industry
Vietnam should seize opportunity to join global semiconductor supply chain
08:00 | 15/05/2024 Industry
Việt Nam's wood industry strives to match sustainable wood demands
07:00 | 14/05/2024 Industry
Delegation from EU, Netherlands explore investment opportunities in Thai Nguyen
07:10 | 18/05/2024 FDI
Desk established in Dong Nai to support Japanese investors
09:02 | 16/05/2024 Investment
Vietnam should not miss opportunities to attract FDI
08:00 | 14/05/2024 FDI
New wave of Chinese investment
06:00 | 12/05/2024 FDI
Banks raise interest rates to attract depositors
16:47 | 17/05/2024 Finance-Banking
Credit access obstacles lifted for collective economic entities
06:00 | 16/05/2024 Finance-Banking
Government urged to narrow domestic, global gold price gap
08:36 | 15/05/2024 Finance-Banking
Biometric verification ensures safer money transfers
17:23 | 13/05/2024 Finance-Banking
First provincial biodiversity museum launched in Quảng Nam
06:00 | 19/05/2024 Environment
Enhancing informal sector’s role in EPR implementation
06:00 | 18/05/2024 Environment
Centre opened to serve environmental data integration, monitoring network operation
06:00 | 16/05/2024 Environment
Capacity building for policy makers, large emitters on ETS and carbon market
08:48 | 15/05/2024 Environment
Semiconductor investment prioritized
06:29 | 17/05/2024 Science - Technology
Full cyber stream ahead Bắc Giang focuses on digital society development
06:00 | 11/05/2024 Science - Technology
35 localities piloting four-wheel EVs for tourists, despite no official legal regulations
07:00 | 09/05/2024 Science - Technology
2024 VinFuture Prize records 1,469 nominations
06:00 | 07/05/2024 Science - Technology
HCM City to complete 183km of metro routes by 2035
06:00 | 17/05/2024 Society
Railway sector gets creative to attract passengers
07:00 | 15/05/2024 Society
Việt Nam’s largest high-speed ship service from HCM City to Côn Đảo launched
07:00 | 14/05/2024 Society
Central Highlands to become renewable energy hub
08:58 | 13/05/2024 Society
Vietnamese agricultural products to take part in Foodservice Australia 2024
15:08 | 17/05/2024 Vietnamese Brands
PV GAS launches Month of Workers
10:22 | 16/05/2024 Companies
National Brand Program promotes prestigious Vietnam
13:09 | 15/05/2024 Vietnamese Brands
Largest made-in-Vietnam bulk carrier launched
17:07 | 13/05/2024 Vietnamese Brands
Việt Nam plans to preserve ethnic minorities’ intangible cultures at risk of disappearing
06:00 | 15/05/2024 Lifestyle
The Hải Phòng Red Flamboyant Festival celebrated the city's special UNESCO status
16:49 | 13/05/2024 Lifestyle
Nguyễn Dynasty Urns in Huế make it to the UNESCO Memory of the World List
07:00 | 11/05/2024 Lifestyle
European Literary Days focuses on gender
06:00 | 09/05/2024 Lifestyle
Tourism sector goes green for sustainable development
08:22 | 19/05/2024 Tourism
Vietnamese tourism information centre opened in India
08:00 | 18/05/2024 Tourism
Mysterious 'floating' lake discovered in Quảng Bình
16:54 | 13/05/2024 Tourism
HCM City: top spot in Việt Nam for slow travel lovers
09:00 | 13/05/2024 Tourism