Ho Chi Minh City aims to secure over US$24 billion for total social investment and implement measures to achieve a double-digit growth rate in 2025, according to chairman of the municipal administration Phan Van Mai.

Mai made the statement during a conference in the city on Wednesday which focused on strategies and directions for the city's socio-economic development in 2025.

He emphasized that 2025 marks the end of the current municipal administration term and the city’s determination to achieve a growth target in line with the national government's directives.

To achieve this ambitious growth target, the city must mobilize VND620 trillion (US$24.62 billion).

This includes VND112 trillion ($4.45 billion) from public investment, VND70 trillion (US$2.78 billion) from foreign direct investment, and the remainder from non-budget sources, such as bank loans.

“We recently worked with banks in Ho Chi Minh City, urging them to ensure that capital disbursement in the city must reach VND350-370 trillion [$13.9-14.6 billion] in 2025,” said the chairman.

Speaking at the conference, Le Thi Huynh Mai, director of the Department of Planning and Investment, stated that Prime Minister Pham Minh Chinh has directed the country’s key economic hubs, including Ho Chi Minh City and other large localities, to strive for higher economic growth than the national rate.

The municipal administration has set a gross regional domestic product (GRDP) growth target of 10 percent for 2025.

To achieve this target, the city’s industrial, construction, trade, and other sectors must obtain corresponding growth.

Specifically, agriculture should grow by over 1.2 percent, industry by 9.9 percent, construction by 15.4 percent, trade by 9.8 percent, transport by 14.9 percent, and finance by 9.5 percent.

To make these projections a reality, the department director highlighted that the city’s public capital disbursement in 2025 is required to reach over 95 percent of the year’s plan.

In addition, the city needs an additional workforce of around 145,000 people and aims to increase labor productivity by 7.5 percent, outstanding loan by over 18 percent, and budget revenue from production by more than 14 percent, the director stated.

Chairman Mai agreed to these projections presented by the department leader and urged the agency to coordinate with other agencies to take effective measures so that they can be achieved.

He urged all departments and agencies to promptly review and provide feedback on the detailed growth plan outlined by the planning department so it can be finalized by February 10.

The chairman also emphasized the need for agencies to focus on effectively implementing plans to resolve pending issues related to the city's economic and social development projects.

"If we address the obstacles related to these projects well, we will see tens of thousands of trillions of dong [VND1 trillion = $39.6 million] invested into the economy, contributing to job creation and boosting growth," Mai stressed.

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