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HCM City enjoys positive Q1

Update: April, 13/2013 - 09:51
Workers at Nha Be Garment Corporation Joint Stock Company in HCM City process exports. In the first quarter, the city recorded sharp increases in exports. — VNA/VNS Photo Van Khanh

HCM CITY (VNS)— In the first quarter of the year, HCM City's GDP growth reached 7.6 per cent, while the Consumer Price Index (CPI) fell, according to the HCM City Party Committee.

The city's price stabilisation programme had helped lower the city's CPI, according to a report from the municipal People's Committee, delivered by deputy chairman Hua Ngoc Thuan at a conference held in the city on Thursday.

In the first quarter, the city attained export growth of 12.8 per cent and import growth of 7.8 per cent. Sharp increases in exports were recorded, including computers and electronic products (86 per cent) and textiles and garments (26 per cent).

Revenues in the service sector rose by 8.3 per cent and the industrial and construction sectors by 6.8 per cent, compared with the same period last year.

Capital mobilised by commercial banks was estimated at nearly VND1,018 trillion (US$48.5 billion), up by 2.5 per cent compared with late 2012, including foreign currrencies equivalent to VND175.1 trillion (nearly $8.4 billion), according to Thuan.

The People's Committee has mapped out 10 major tasks to reach its targets this year.

These include measures on social welfare, efforts to help businesses solve inventories and bad debts, and policies to help the property sector resolve its problems.

In addition, the city will collaborate with the State Bank of Viet Nam to settle interest rate issues for the sectors of agriculture and rural development; manufacturing of exported goods and exporters; support industries; small- and medium-sized enterprises and businesses in hi-tech industries.

Measures towards 2025

"We are building HCM City into a civilised and modern city which takes the lead in the country's industrialisation and modernisation, contributing more and more to the development of the region and the nation," said Le Hoang Quan, chairman of the People's Committee.

"We are turning it into an economic, financial, commercial, scientific and technological centre of the nation and the Southeast Asian region, helping to make Viet Nam an industrialised country by 2020," he added.

Quan said the city would try to attain annual GDP growth rates of 9.5 per cent to 10 per cent in the first stage (2011 - 15); similar rates for the second stage (2016 - 20); and GDP growth rates of 8.5-9 per cent in the third stage (2021 - 25).

The city has targeted raising per capita income from $4,747 to $4,865 by 2015; $8,240 to $8,624 in 2020; and $13,040 to $13,965 by 2025.

Per capita income of HCM City residents in the 2011 - 20 period are expected to be 1.5 times higher than that of the entire country.

By 2025, HCM City is expected to have a population of 10 million.

To reach these targets, HCM City must realise eight major tasks and mobilise all sources of to develop high-quality human resources and science and technology.

Other aims include protecting resources and the environment, enhancing cooperation with other localities, promoting relationships with other countries and improving the efficiency of State management. — VNS

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