The Chairman of the Ho Chi Minh City People’s Committee, Phan Van Mai, has issued a directive on tasks and solutions to boost the city’s economic growth through 2025.
The directive sets out several targets, tasks, and solutions for Ho Chi Minh City government members, heads of departments, and district authorities to implement.
The economic growth rate target for the city is set at a minimum of 7.5% for this year and 8-8.5% for 2025. The digital economy is aimed to contribute 22% this year and 25% by 2025. The city also aims to be among the top 10 leading provinces in the Provincial Competitiveness Index (PCI) and the Public Administration Reform Index (Par-Index) by the end of 2025.
Other targets include achieving a total residential area of at least 40 million square meters and constructing a minimum of 26,200 social housing units (as per the government’s assigned target). The industrial production index (IIP) is targeted to increase by 6.5% in 2024, while exports are expected to grow by at least 10% compared to 2023.
Ho Chi Minh City aims for a minimum economic growth rate of 7.5% in 2024. Photo: Ngo Tung
Regarding key tasks and solutions, the Ho Chi Minh City Department of Planning and Investment is assigned to lead the effective implementation of the Steering Committee’s mechanism and strictly adhere to the reporting regime to promptly address challenges and obstacles in public investment projects in the city.
Measures to mobilize social investment capital for infrastructure development are also to be proposed, with a target of attracting VND 394 trillion in 2024 and VND 422 trillion in 2025.
The Management Boards of Ho Chi Minh City Hi-Tech Park and Export Processing and Industrial Zones are tasked with proposing solutions to expedite the construction of projects that have been granted investment registration certificates by the city. These projects should focus on digital infrastructure, data centers, logistics, and digital technology integrated with research and development. The aim is to attract a total investment of VND 50-70 trillion in the 2024-2025 period.
To promote new growth drivers, the Ho Chi Minh City Department of Science and Technology is assigned to effectively implement policies for investment in science and technology. This includes fostering the establishment of internationally-recognized research centers of excellence, promoting the efficient use of enterprise science and technology development funds, especially in state-owned enterprises, and exploring public-private partnership models to encourage research, application, and innovation.
The Department of Information and Communications is responsible for accelerating the implementation of tasks under the National Strategy for the Development of Digital Technology and Digital Economy until 2025, with a vision towards 2030. Meanwhile, the Department of Foreign Affairs and the Center for Trade and Investment Promotion are tasked with strengthening international cooperation, focusing on the six key areas mentioned above, with selected partners under the city’s foreign relations program for 2024 and 2025.
The Department of Planning and Investment is also assigned to coordinate with relevant agencies to continue implementing the Program for Cooperation and Linked Development in the Region effectively. They will also advise on the Plan for Ho Chi Minh City’s development for the period of 2021-2030, with a vision towards 2050, once it is approved by the competent authority.
The Management Board of Export Processing and Industrial Zones is responsible for proposing solutions to develop an additional 800 hectares of industrial land to attract investment in specialized industrial parks and high-tech industries (including the expansion of the Hiep Phuoc, Le Minh Xuan, and Pham Van Hai industrial parks). They will also complete and submit to the City People’s Committee the proposal for a pilot project to transform five export processing and industrial zones (Tan Thuan, Tan Binh, Cat Lai, Binh Chieu, and Hiep Phuoc).
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
Danang demolishes “waiting-to-collapse” apartment buildings
Three apartment complexes that were allocated for rent by the Da Nang City Hall since 2001 are now severely deteriorated and in need of relocation.
The truth about the State Bank banning loans for future home purchases
Due to the recent regulations issued by the State Bank, many individuals are concerned about their ability to obtain loans for future housing purchases starting from July 2024. The State Bank has provided more detailed information regarding these new regulations.
Challenging to Get Affordable Loans for Social Housing
The discrepancy between legal regulations and lending policies of banks has made it difficult for businesses to access favorable loans for social housing development.
Converting 150 commercial houses to affordable housing, prices starting from 450 million VND per unit.
The Provincial People’s Committee of Ba Ria – Vung Tau has purchased and converted 150 commercial houses into social housing. The price to rent or buy a 70m2 house starts from 450 million VND.
