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Ho Chi Minh City’s economic growth projected at 5.87 percent in Q2

Ho Chi Minh City’s economic growth projected at 5.87 percent in Q2

Wednesday, May 31, 2023, 13:57 GMT+7
Ho Chi Minh City’s economic growth projected at 5.87 percent in Q2
Chairman of the Ho Chi Minh City People’s Committee Phan Van Mai. Photo: Gia Han / Tuoi Tre

Ho Chi Minh City’s economic growth will be more positive this quarter with the gross regional domestic product (GRDP) growth estimated at 5.87 percent, well above the modest 0.7 percent last quarter, chairman of the municipal People’s Committee Phan Van Mai said during a group discussion on Tuesday at the ongoing National Assembly (NA) sitting.

With this result, the city may achieve an economic growth rate of 3.55 percent in the first half of the year, chairman Mai cited statistics from the General Statistics Office as saying at a group discussion on a draft resolution on piloting breakthrough policies for Ho Chi Minh City.

The city’s industry and construction sector was forecast to improve 4.77 percent this quarter and 0.8 percent in the first half of the year as a whole.

The sector fell 3.6 percent last quarter.

Meanwhile, the service sector was expected to surge 7.16 and 4.96 percent this quarter and the first half, respectively.

“This results from great efforts of the municipal administration, enterprises, and residents in the city, together with the support of the national government, central agencies, and ministries,” Mai said.

Regarding special policies for the city, the chairman said they would help mobilize private resources through public-private partnership, build-operate-transfer, and build-transfer models as well as bond issues. 

If effective, the city could mobilize hundreds of trillions of Vietnam dong (VND100 trillion = US$4.3 billion) for investment and development in the next five years, Mai added.

Science-technology and innovation development policies are great motivations. They will become new driving forces of the city and the country.

Greater autonomy for Thu Duc City and Ho Chi Minh City as a whole will also help them be more proactive in handling issues.

NA deputy Pham Van Hoa from southern Dong Thap Province said it is vital to have a new resolution with breakthrough policies for Ho Chi Minh City's development.

The Mekong Delta region is reliant on Ho Chi Minh City’s development. The city’s growth will boost the region’s growth and vice versa, Hoa noted.

He also threw his support behind the permission for the transit-oriented development in the city, adding that the city must employ the model in a manner to ensure residents’ benefits.

Minister of Planning and Investment Nguyen Chi Dung said policies in the draft resolution are aimed at helping the metropolis access more resources and develop strongly, commensurate with its potential.

Ho Chi Minh City reported a mere GRDP growth rate of 0.7 percent in the first quarter of 2023.

The city’s agro-forestry-fishery sector improved 2.06 percent, service edged up 2.07 percent, and industry and construction fell 3.6 percent.

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Thanh Ha - Thanh Chung - Tien Long / Tuoi Tre News

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