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HCM City sets 2023 growth target of 7.5-8%

Ho Chi Minh City People’s Committee has proposed a growth target of 7.5-8% for its Gross Regional Domestic Product (GRDP) in 2023.
HCM City sets 2023 growth target of 7.5-8% ảnh 1Shrimp processing at the Coastal Fisheries Development Corporation (COFIDEC) in Vĩnh Lộc IP, Binh Chanh district, HCM City. (Photo: VNA)

Ho Chi Minh City (VNA) – Ho Chi Minh CityPeople’s Committee has proposed a growth target of 7.5-8% for its GrossRegional Domestic Product (GRDP) in 2023.

At the meeting of the municipal People’s Council onDecember 7, Vice Chairwoman of the city People’s Committee Phan Thi Thangsaid that the city could have both opportunities and challenges insocio-economic development next year but more difficulties and challenges areexpected and it’s hard to predict them. 

The city will continue to focus on administrative reform, increase the efficiency of public services, and improve the business environment,she said. 

Thang added that the city authorities will continue toremove bottlenecks, make use of resources, mobilise various investment capitalsources, as well as accelerate the implementation of key infrastructureprojects, traffic and urban development ones. 

The city also expects to create a breakthrough in digitaltransformation and a knowledge-based economy in association with exploiting thepotential of science and technology, Thang said.

Among the 17 key indicators for socio-economic developmentfor 2023, the municipal People's Committee also set a target toattract 4.5-5 million foreign tourists next year for a revenue of 120trillion VND (about 5.03 billion USD).

In 2022, despite difficulties and challenges, HCM Cityreached a GRDP of about 9.03%, surpassing the approved target of 6-6.5%. Its Index of Industrial Production (IIP) so far this yearis estimated to increase by 14.2%.

So far this year, the city’s total export turnover isestimated at 49.5 billion USD, up 10.3%, and its total import turnover, at 66.2 billion USD, up 10%.

Total tourism revenue has reached about 120 trillion VND,marking a year-on-year increase of 171.2%. The city has received 3.5 million foreign visitors so far this year.

Its budget revenue posted positive growth, estimated atVND 457.5 trillion, 18.35% higher than the target approved by the cityPeople’s Council./.

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