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HCM City resolves to revamp economy

Update: January, 04/2012 - 09:48


Customers shop at a Co.op Mart in HCM City's Cu Chi District. The city is aiming to lower its consumer price index to below the national level in 2012. Last year, inflation in the city doubled to nearly 16 per cent. — VNA/VNS Photo Thanh Vu
HCM CITY — City authorities this year will focus on restructuring economy and lowering the CPI (consumer price index) below the national level.

In 2011, the city was unable to reach four of its 22 targets on the economy, society and environment. The city's GDP (gross domestic product) grew 10.3 per cent, although it had been targeted to reach 12 per cent, and the CPI doubled, to nearly 16 per cent.

In 2012, socio-economic figures have been readjusted to reflect the new situation.

Revised targets include the GDP to grow 10 per cent; export turnover to reach 15 per cent; total investment of society to rise to VND215 trillion (US$10 billion) or one-third of GDP; State budget to reach VND234 trillion; total spending from the State budget to stand at VND43 trillion; and the CPI to fall, lower than the national level.

To reach these goals, controlling inflation, revising the growth model and restructuring the economy will also be key tasks.

Detailed solutions will be created for five sectors: logistics and export services; industrial development; agricultural, forestry and marine growth; and enterprise investment.

The city is also expected to focus on building infrastructure for logistics and export services.

A master plan to improve storage systems for all kinds of transportation will be carried out, and a full logistics service project is being prepared.

The city will promote production and processing of software for both local and export demand; expand IT and electronic projects; and strengthen development of major IT centres, including the Sai Gon Software Park and Quang Trung Software City.

Local authorities will also speed up infrastructure construction for the pharmaceutical industry industrial park in Phuoc Hiep Commune, in Cu Chi district.

This year experts expect a better business environment. Administrative procedures will be reviewed and simplified, and improper expenditures will be cut. Tax reductions will also be implemented. — VNS

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