Phan Văn Mãi, chairman of HCM City People’s Committee, speaks about the city’s socio-economic targets for 2023 at a meeting on Tuesday. Photo hcmcpv.org.vn

HCM CITY — HCM City next year will focus on speeding up public spending that has remained slow, causing major public projects to be delayed for years, said the chairman of HCM City People’s Committee.

Speaking at a meeting on the city’s socio-economic targets for 2023 on Tuesday, Phan Văn Mãi said the city has set a target of disbursing 95 per cent of approved public investment capital.

As of November 25, public spending was only 34 per cent of the full-year target and is expected to increase to 77 per cent by the end of the year.

The city will also focus on improving public services, streamlining administrative reform, controlling inflation, and stabilising the macro-economy, he added.

It will also address any obstacles related to investment procedures to lure investment, according to Mãi.

2023 targets

The city will need to develop high-quality human resources and promote digital transformation to achieve digital governance, a digital economy and a smart city.

It will also speed up the progress of major transport projects.

The city has set a target to attract 4.5-5 million foreign tourists next year for revenue of VNĐ120 trillion (US$5.03 billion).

The city plans to ensure labour productivity growth of 7 per cent and maintain the proportion of services in its economic structure at above 60 per cent.

The city plans to continue to supply the economy with capital amid tightening monetary policy.

Speaking at a recent meeting, Nguyễn Văn Nên, secretary of the municipal Party’s Committee, said the city will face headwinds from the global slowdown in 2023, and lowered its growth target to 7.5-8 per cent next year.

Despite huge challenges in 2022, the city’s gross regional domestic product (GRDP) reached 9.03 per cent, surpassing its target of 6-6.5 per cent.

Its total State budget revenue was VNĐ457.5 trillion this year (accounting for one-third of the country’s total State budget revenue), up 17 per cent year-on-year.

Its Index of Industrial Production increased by 14.2 per cent.

The city’s exports were worth $49.5 billion, up 10.3 per cent, and its imports $66.2 billion, up 10 per cent.

Total tourism revenue reached VNĐ120 trillion, up 171 per cent year-on-year.

The city has received 3.5 million foreign visitors to date.

Its retail sales of goods and services were estimated at more than VNĐ900 trillion ($36.5 billion), up 30.6 per cent year-on-year. — VNS