Nguyễn Thị Lệ, chairwoman of HCM City People’s Council, speaks at the opening of the 14th People’s Council session on Thursday. — VNA Photo

HCM CITY — HCM City People’s Council is set to approve a range of resolutions related to socio-economic development in order to regain the city’s leading position after facing setbacks in recent years.

Speaking at the opening of the 14th People’s Council session on Thursday, Nguyễn Thị Lệ, chairwoman of the People’s Council, said one of the key resolutions to be passed is a draft resolution defining criteria, standards, and quotas for officials and public servants in wards, communes, and towns across the city. 

Other resolutions on economic and budget issues to be passed include adjustments to the mid-term public investment plan by 2025, urban issues such as land use conversion for urban projects and land acquisition projects for socio-economic development.

It will discuss investment in major traffic projects and projects for the development of public spaces, including a landscaping project in front of Bến Thành Market in downtown District 1.

The session will also elect a vice chairperson of the People’s Council, according to Lệ.

Resolution 98

The meeting will also discuss ways to effectively implement a National Assembly-approved resolution for the city’s development.

Resolution 98, issued in June of last year, which replaces an older resolution from 2017, includes 44 mechanisms and policies covering various aspects of development in HCM City. 

These include investment management, finance, budgeting, urban management, natural resources, the environment, and science-technology management.

It also allows for the allocation of unassigned portions of budgets to the city's district people's committees.

HCM City’s economy is expected to rebound in the second quarter, and achieve 8 per cent growth in 2024, experts estimate. 

Earlier, the city made an ambitious goal this year to achieve a growth rate of 7.5-8 per cent and attain 100 per cent of State budget revenue targets.

Last year, its growth was only 5.81 per cent, significantly down from over 9 per cent in 2022.

Experts have pointed out that the city’s economic recovery will continue to face obstacles throughout the year due to global turmoil.

The real estate, stock and bond markets will continue facing obstacles this year following serious scandals related to the arrests of major property developers.

Effective implementation of Resolution 98 will be beneficial for not only HCM City but also the entire country, experts said.

Bright spots

Despite the challenges, the city’s industrial production index (IIP) witnessed 4.3 per cent year-on-year growth in the first two months, mostly in the pharmaceutical sector, mechanical industry, food processing, and electronic goods production.

The city saw an estimated 20 per cent increase in real estate business revenue during the first two months, according to a report by the Department of Planning and Investment.

Retail sales revenue in the city is expected to reach VNĐ184.9 trillion, up 14.8 per cent year-on-year. 

Total state budget revenue is estimated to reach VNĐ103.2 trillion, accounting for 21 per cent of the yearly plan and up 14 per cent year-on-year.

Exports, which had stagnated for the last two years, reached $6.3 billion in the first two months, marking a rise of 11.6 per cent year-on-year.

A survey conducted by the Department of Industry and Trade found that most enterprises in the city have orders booked until June and some textile companies have orders extending until the end of the year. 

As a major contributor to national GDP, particularly in the industrial sector, the city plays an essential role in Việt Nam’s economic landscape and State budget. — VNS 

Real estate developments in the new Thủ Thiêm urban area in Thủ Đức city in HCM City. The city saw a 20 per cent increase in real estate revenue in the first two months. — VNS Photo Bồ Xuân Hiệp