HCM City striving to remain Vietnam’s economic locomotive hinh anh 1At the meeting (Photo: VNA)

HCM City (VNA)
- The HCM City Party Committee convened its 42nd conference on July 7, chaired by Politburo member and Secretary of the city’s Party Committee Nguyen Thien Nhan.

The two-day conference is to focus discussions on the implementation of a Resolution adopted by the fourth plenum of the 12th Party Central Committee on strengthening Party building and rectification, driving back degradation in political thought, moral virtue, and lifestyle, as well as the behaviours of “self-evolution” and “self-transformation” in internal affairs, in tandem with Party inspection and supervision work.

Participants will also give opinions on a draft report on the implementation of socio-economic development plans and State budgets for 2015-2020, orientations and tasks for 2021-2025, the five-year implementation of seven breakthrough programmes for the realisation of a Resolution adopted by the 10th HCM City Party Congress, and the socio-economic-cultural performance in the first half and key tasks for the remaining months of the year.

Secretary Nhan said the city serves as a locomotive of the national economy not only in terms of growth but also in contribution to the State budget, accounting for 26 percent during the 2001-2010 period and about 27.6 percent in 2011-2019.

Acknowledging that the city’s economic growth is slowing down, Nhan pointed out that the budget for the city’s development has fallen over the last two decades and suggested the city review its use of advanced technologies and promote the creativity of its workers.

Hi-tech parks, processing zones and industrial zones, and start-ups in the city are running quite well. The city recently built an urban innovation area in its eastern part to create a driving force for the city amid the fourth industrial revolution, and its model linking banks and businesses via State management agencies in wards and districts is performing well. 

Due to the impact of COVID-19, the city’s gross regional domestic product (GRDP) expanded by only 2 percent year-on-year in the first half, compared to 7.86 percent in the same period of 2019.

The total retail sale of goods and services was down 3.7 percent annually, while the industrial production index rose by just 1.8 percent. Total revenue to the State budget topped 163 trillion VND (7 billion USD), or 40.2 percent of the estimate, down 14.4 percent year-on-year.

Permanent Vice Chairman of the city’s People’s Committee Le Thanh Liem highlighted bright spots in its economy, with nearly 18 trillion VND of investment being disbursed, or 43.08 percent of the plan. Total retail revenue surpassed 403 trillion VND, up 10.1 percent annually, while exports rose 5.8 percent to 20.7 billion USD./.

Ho Chi Minh City is the largest city in Vietnam and the economic hub of the southern region. Accounting for 0.6 percent of Vietnam’s total land area and about 9 percent of the country’s population, it is part of the southern key economic zone, which also comprises Dong Nai, Ba Ria - Vung Tau, Binh Duong, Long An, Tay Ninh and Binh Phuoc provinces. In the southern economic hub, over 3,000 projects across all sectors are supported by foreign capital, while the number of registered enterprises has exceeded 100,000.

In 2019, the city attracted 8.3 billion USD worth of foreign investment, with its labour productivity being nearly three times that of the whole country (299.8 million VND per person, an increase of 6.8 percent over 2018).

Meanwhile, the total number of international visitors to the city reached 8.5 million, a year-on-year increase of 14 percent with revenues up by 14.5 percent over 2018

The local gross regional domestic product (GRDP) reached more than 1.34 quadrillion VND, an 8.32 percent increase year-on-year.

Before the outbreak of COVID-19, the city set a target of achieving a growth rate of 8.5 percent for GRDP in 2020, with total private investment accounting for 35 percent of GRDP.

This year, HCM City also aims to have 44,000 new businesses, creating 135,000 new jobs./.