Phan Văn Mãi, chairman of the People’s Committee, speaks at a meeting on the city’s socio-economic performance in the first eight months on Wednesday. — VNA/VNS Photo

HCM CITY — HCM City is taking proactive steps to speed up public spending in order to achieve its growth targets for the year, said a city official.

Speaking at a meeting on its socio-economic performance in the first eight months on Wednesday, Phan Văn Mãi, chairman of the People’s Committee, said the city aims to disburse 95 per cent of approved public investment capital by the end of 2023.

However it has only disbursed 28 per cent of the full-year target as of the end of August, resulting in delays in major infrastructure projects, he said.

To achieve its public spending, the city plans to enhance public services, streamline administrative reform, control inflation, and stabilise the macro-economy.

It will also address any obstacles related to investment procedures to attract more investment into the city.

The city will focus on developing high-quality human resources and promoting digital transformation to foster digital governance, a digital economy, and a smart city.

It will continue to create the most favourable conditions for business activities, according to M￣i.

It will also review and adjust its general planning, including land use plans until 2040, as well as land prices, housing development plans, and the development and management of social housing until 2030.

Experts have warned that the city is not immune to external factors and will continue to face challenges posed by the global economic slowdown throughout the remainder of the year.

"Despite the challenges, the city remains determined to achieve its growth target of 7.5 per cent for 2023," Mãi said.

The city is implementing a National Assembly resolution that will grant it increased autonomy, effective from August 1, aiming to empower the city to address the persistent challenges it faces, according to M￣i.

Speaking at the event, Lê Thi Huỳnh Mai, director of the Department of Planning and Investment, said in August, the industrial production index (IIP) rose by 6.6 per cent. The volume of public passenger transport increased by 12.1 per cent to around 34.7 million passengers.

There were 25,523 new businesses established in August, up 11.3 per cent. The city’s exports also rose by 7.3 per cent.

In the first eight months, the IIP increased by 2.8 per cent year-on-year, with average growth of 6 per cent in key industries.

Total retail sales of goods and consumer service revenue were up by 7.6 per cent. The city’s total tourism revenue increased by 44 per cent year-on-year.

However, exports decreased by 15.3 per cent, and the registered capital of newly established businesses decreased by 12.4 per cent.

Foreign direct investment (FDI) attraction reached US$1.96 billion in the period, down 27 per cent year-on-year.

According to a report from the city’s General Statistics Office, food prices in the city have increased by 22 per cent, household appliances and equipment by 18 per cent, and educational materials by 25 per cent in the period.

Gasoline and oil prices have surged by 39 per cent, gemstones and metals by 53 per cent, and engine repair costs by 36 per cent, it said. — VNS

Tourists wait to board a hop-on and hop-off bus in front of the HCM City Opera House in the downtown area. The city's total tourism revenue increased by 44 per cent year-on-year in the first eight months. — VNA/VNS Photo