A view of downtown HCM City along the Sài Gòn River. — VNA/VNS Photo Hồng Đạt

HCM CITY — HCM City's Gross Regional Domestic Product (GRDP) in the first nine months of the year saw a year-on-year increase of 4-4.5 per cent.

The municipal People’s Committee on Wednesday (September 27) organised a conference to review the city's socio-economic performance in the first nine months of 2023, and tasks for the rest of the year.

Speaking at the conference, Deputy Chairman of the municipal People’s Committee Võ Văn Hoan, said there were several bright spots in the city’s socio-economic performance in the first nine months of the year.

Despite facing difficulties and challenges due to the challenging situation of the world economy, the city has minimised the impact of a looming global recession and maintained economic growth momentum thanks to the city’s determination and the whole political system.

The city’s GRDP in the third quarter of the year grew by 5.8 - 6.2 per cent compared to the same period last year.

In the first nine months of the year, the city’s index of industrial production (IIP) was estimated to increase by 3.2 per cent year-on-year.

The city’s four key industrial sectors (mechanics; food processing; chemicals, plastics and rubber; and electronics and information technology) grew by 5.8 per cent compared to the same period last year.

Total retail sales of consumer goods and services increased 8.6 per cent year-on-year.

The city earned VNĐ125.5 trillion (US$5.1 billion) in revenue from tourism, an increase of 35.8 per cent over the same period last year. It welcomed nearly 27 million domestic visitors, up 24.9 per cent year-on-year, and about 3.6 million foreign visitors, a 69 per cent year-on-year increase.

The number of passengers travelling to and from the city by air and train increased 37 per cent and 53 per cent, respectively. The volume of public passenger transport increased by 22.8 per cent to around 300 million passengers.

The city saw 37,224 new enterprises formed, a year-on-year increase of 13.1 per cent.

The city’s total state budget revenue reached VNĐ326.2 trillion ($13.3 billion), equivalent to 69.5 per cent of this year’s estimate.

Several cultural and sports activities, and entertainment and art programmes and events were also organised to celebrate national holidays.

COVID-19 and other dangerous diseases in the city have been basically stabilised and controlled. Community healthcare activities have been improved and enhanced.

Education reforms, and programmes on sustainable poverty reduction and ensuring social security received more attention and were implemented effectively.

The city’s political security, social order and safety have been maintained; and foreign relations continue to be deepened.

Phạm Trung Kiên, deputy director of the city’s Department of Planning and Investment, said the difficult situation of the world economy and unfavourable global market movements are directly affecting industrial production activities in the country and the city.

There was a decrease in the number of new production orders and the total import-export turnover of goods, while increasing inventories, he said.

In addition, the number of newly established enterprises increased in quantity, but decreased by 9 per cent in registered capital over the same period. FDI attraction decreased sharply, down 34.1 per cent year-on-year.

HCM City leaders attend a conference held on September 27 to review the city's socio-economic performance in the first nine months of 2023, and tasks for the rest of the year. — Photo www.sggp.org.vn

Solutions for growth by year-end

By the end of the year, the city will focus on reviewing and resolving difficulties and problems in areas such as administrative reform and procedures, taxes, land use planning, and granting land use right certificates associated with assets on land, and real estate projects.

It will complete projects that improve the capacity of the city government’s officials and civil servants, and will implement specific mechanisms and policies of Resolution No. 98/2023/QH15 for the city’s growth.

It will study to effectively exploit land around stations along metro line No. 1, and Ring Road No. 3 and 4.

It will also review and allocate land funds for the development of social housing projects to meet the rising demand for affordable housing in the city, especially from migrant workers.

The disbursement of investment capital from the city’s state budget in 2023 will be accelerated.

The city will continue to develop river embankments and the riverside service economy by 2045 and implement the plan for the 2020-25 period.

It will promote effective price management and stabilisation solutions and market stabilisation programmes, and ensure the supply of essential goods and necessities from now until the end of the year. — VNS