HCMC TARGETS 8-8.5% GRDP GROWTH IN 2019

The HCMC government aims for a gross regional domestic product (GRDP) growth rate of 8-8.5% next year, according to a newly released directive. The municipal government will make every effort to improve the quality of the city’s economic growth and its competitiveness, the directive says.

The development of a favorable and transparent business environment will be necessary to draw investments and develop the local business community.

At the same time, the local government will restructure its State-owned enterprises to enhance their operational efficiency.

The municipal administration aims to push up its exports and diversify its export markets to avoid dependence on a single market.

In addition, the local government will further invest in the urban infrastructure, develop the urban zone in a sustainable manner, protect the environment and adapt to the impacts of climate change.

These are vital tasks, as the current inadequate transport infrastructure has resulted in traffic congestion, flooding and environmental pollution.

The municipal government is striving to fulfill its GRDP growth target of 8.3-8.5% this year, higher than the 8.25% seen in 2017. Private investments are set to account for 35% of the GRDP this year.

The city is also trying to meet its budget revenue collection target of more than VND376.7 trillion (US$16.2 billion), compared with earnings of more than VND347.8 trillion last year.

Meanwhile, it continues to promote industrial development, focusing on key industrial sectors that have advanced technology, high added value, strong competitiveness and can join global value chains.

HCMC will further develop supporting industries and reduce the imports of spare parts and manufacturing equipment to raise the ratio of local materials consumed.

It plans to establish a new high-tech industrial park and execute a plan for developing the local realty market in the 2016-2020 period, with a vision toward 2030.

Addressing the ninth meeting of the municipal People’s Council on July 10, Chairwoman of HCMC People’s Council Nguyen Thi Quyet Tam stressed that despite economic achievements, the city is faced with shortcomings, such as untapped potential, unsustainable development, the decreasing competitiveness of some sectors, asynchronous administrative reforms, a cumbersome State apparatus and the slow progress of seven breakthrough programs.

Source: The Saigon Times