Illustrative image (internet)

Secretary of the municipal Party Committee Nguyen Van Nen said the conference aimed to assess the leadership, direction and implementation of the Resolution of the city’s 11th Party Congress and the Action Programme to implement the Resolution of the 13th National Party Congress. Concurrently, he said, the event was the chance for the city authorities to review the whole situation, what had been and had not been done; point out existing shortcomings and weaknesses as well as causes; forecast the context, opportunities and challenges; discuss breakthrough, flexible and creative solutions to adapt to the new situation; and continue untying obstacles and difficulties to mobilise resources for development and basically resolve existing and arising issues.

Permanent member of the Party Central Committee’s Secretariat Truong Thi Mai stresses the importance of social security in Ho Chi Minh City

Delivering a report at the conference, Chairman of the municipal People’s Committee Phan Van Mai said the city’s economy regained its growth in the second quarter of the year, reaching 5.87 per cent, with the city’s gross regional domestic product (GRDP) growth estimated at 3.55 per cent in the first half of the year. Total revenue from retail sales of consumer goods and services reached over VND298 trillion (US$12.6 billion), up 13 per cent and 9 per cent as compared to first quarter of 2023 and the same period of 2022 respectively. Regarding public investment, Ho Chi Minh City disbursed more than VND10.26 trillion in Q2 of 2023, up 89 per cent against Q1 and 44 per cent against the same period previous year. Generally, the city disbursed nearly VND15.7 trillion in public investment capital in the first half of the year, an increase of 43.9 per cent. Also in the first half, the city reported highest revenue from tourism among localities across the countries, earning over VND80.8 trillion, an increase of 163 per cent as compared to the same period in 2019. Ho Chi Minh City received an estimate of 18 million visitors over the past six months, up 48 per cent year-on-year, and equivalent to 105 per cent of the pre-pandemic period.  

“The city’s economy sometimes achieved double-digit growth, 1.5-1.6 times higher than the national average, but has gradually decreased over the past ten years and fell to the bottom in Q1 when it reached only 0.7 per cent. That clearly reveals problems that have existed and accumulated over years, which includes slowly-restructured economic mechanism and irrationalities in urban planning and management. Additionally, works and projects which facilitate economic restructuring of and create development space for the city are slow to be implemented,” he said.

“However, with the premises created from the beginning of the term, the Party Resolutions, Central mechanisms and policies, and the city’s efforts, experts projected that Ho Chi Minh City’s economy would strongly recover and grow, reaching its growth peak in 2025-2026.”

The conference is held by Ho Chi Minh City’s Party Committee

He said, in the coming time, the city would mobilise all social resources through the implementation of Resolution 98 and pilot specialised mechanisms and policies to spur growth. The city would concentrate resources on both public and social investment to develop urban areas, healthcare, education and social security. Also, the city’s economy would be restructured to position itself as a centre for international finance, international trade, international exhibitions and fairs, starts-up and innovation, and human resource training.

“At the same time, it is necessary to reposition the industrial strategy and industrial development space in the direction of high technology and joining the global production chain. Along with that, it is significant to study night economy, and river- and ocean-based economy models,” he said.

Addressing the conference, Permanent Member of the Party Central Committee’s Secretariat Truong Thi Mai said HCM City was severely affected by environmental issues, crimes, diseases, especially the COVID-19 pandemic. Nevertheless, in the first half of the 2020-2025 term, the city had demonstrated differences as compared to other localities.

Illustrative image (internet)

“Despite difficulties, ups and downs, HCM City has reported bright spots in terms of socio-economic targets and indicators. Thus, the city needs to continue upholding achievements and stay focused on resolving existing difficulties and obstacles,” said Mai. “What needs to be co-ordinated should continue to promote opportunities and potentials of the city. The development of the city not only serves its own citizens now and in the future, but also makes considerable contributions to the development of the nation as well as of the whole southeast region.”

She called for the city authorities to attach much importance to essential issues and needs of the local people such as education, healthcare and culture. “Of note, it is necessary to increase the number of social insurance and health insurance participants to ensure long-term and sustainable security for the local people and labourers,” said Mai./.