Ho Chi Minh City authorities will help businesses accelerate farming, business and production activities to attain a gross domestic product ( GDP ) growth rate of 9.5 percent for 2013.

In the first six months of the year, the southern economic hub maintained a stable economy with GDP growth rate of 7.9 percent.

The figure was reported at the 14 th meeting of the city’s Party Committee, 9 th tenure.

Le Hoang Quan, deputy secretary of the city’s Party Committee and chairman of the HCM City People’s Committee said that in the first half of the year, the city’s economy has been developing on the right tract, resulting in a low Consumer Price Index rate and a stable financial market that has helped curb inflation.

The city has also made significant progress in social and cultural areas, while social welfare has been ensured, he stressed.

The city has also made improvement in dealing with problems that had hurt the economy, including the high number of suspended business, the stagnant securities and property markets, large volumes of inventories, the narrow access to bank loans, bad debts, and the slow restructuring of State-owned enterprises.

To realise target set for 2013, in the second half of the year, the city will carry out policies on tax reduction, exemption and extension in accordance with the Government’s decisions.

The restructuring of State-owned enterprises will be accelerated together with the rearrangement of the local economy with an aim to improve quality, effectiveness and competitiveness.

The city will also increase investment as well as business, tourism and service promotion, while better providing businesses with information about potential markets. The current market stabilisation programme will also be improved.

Quan said that monetary policies would also be carried out carefully and effectively with concerned ministries.

In addition, efforts will be taken to manage revenues and prevent losses for the State budget.

He added the city would better manage investment funds from the State coffers, while giving priority to major infrastructure projects.-VNA