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City set for major economic restructuring

Update: October, 18/2013 - 09:23

Goods transfer at Sai Gon – Hiep Phuoc Port in HCM City. After achieving economic growth of around 9.2 per cent this year, the city aims to restructure its economy. — VNA/VNS Photo

HCM CITY (VNS) — HCM City will focus on restructuring its economy, Le Thanh Hai, Politburo member and Secretary of the HCM City Party Committee, told a committee meeting on Wednesday.

Members agreed to retain the economic targets set for this year.

HCM City's economy grew by 8.7 per cent year-on-year in the first nine months to reach VND532 trillion (US$25.2 million).

According to a report tabled by the city People's Committee at the meeting, the services sector expanded by 10.4 per cent, agriculture by 5.8 per cent, and industry and construction by 6.4 per cent.

Hai said the city's gross capital formation in the first nine months was estimated at VND123 trillion (US$5.82 billion), 3.3 per cent up from the same period last year.

Hai noted that in the past this had always been close to 40 per cent of GDP, but has fallen to under 30 per cent now.

He ordered relevant officials to identify the causes for this, but said in past years the ration was higher thanks to abundant resources and liberal investment policies.

The banking sector's difficulties had been addressed but its weaknesses remain, he admitted, adding that relevant agencies have to focus on efforts to strengthen the banking system.

He promised the city would improve social welfare measures.

According to the People's Committee report, the city is likely to achieve economic growth of around 9.2 per cent this year against a target of 9.5 per cent plus. — VNS

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