6 Economic Growth Drivers Targeted by 2025
Ho Chi Minh City People’s Committee sets 6 ambitious goals, including:
First, Ho Chi Minh City aims for a GRDP growth rate of at least 7.5% in 2024 and 8-8.5% in 2025.
Second, the digital economy is targeted to account for 22% in 2024 and 25% in 2025.
Third, improve the PCI and Par-Index rankings to be among the top 10 leading provinces and cities in the country by the end of 2025.
Fourth, total residential area to reach 40 million square meters or more (the congress target is 50 million square meters), and construct at least 26,200 social housing units (as per the government’s assignment).
Fifth, increase the industrial production index (IIP) by 6.5% in 2024, with the four key industries continuing to be the growth drivers, outpacing the overall growth rate of the entire industry; export turnover to increase by at least 10% compared to 2023.
Sixth, achieve an 80% or higher rate of household waste treated with new technology or recycled; develop at least 150 hectares of land for public parks and green spaces.
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Graphics: Thuy Trang, August 2024 |
7 Key Tasks and Solutions
To achieve these goals, the Ho Chi Minh City People’s Committee has proposed 7 key tasks and solutions, including: (1) Promoting public investment and disbursement, enhancing capacity for capital absorption; (2) effective capital usage, continuing to stimulate consumption and market stabilization programs; (3) boosting export activities; (4) fostering new growth drivers; (5) removing obstacles and difficulties, focusing on improving the business and investment environment, implementing synchronous and effective administrative reforms; (6) enhancing regional economic cooperation and improving the effectiveness of international cooperation; (7) strengthening environmental protection, expanding land funds for production, industry, and service development, and accelerating the completion of social security projects.
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Graphics: Thuy Trang, August 2024 |
The People’s Committee of Ho Chi Minh City requests the Department of Planning and Investment to implement BOT and PPP projects according to the National Assembly’s Resolution 98/2023/QH15.
The Department of Transport is required to finalize the proposal for the construction of the Can Gio International Transit Port and advise on the procedure and standards for using sea sand to overcome difficulties in supplying filling material for the Ring Road 3 project by August 2024.
Coordinate with the Ministry of Transport and related localities in investing in the construction of the Thu Thiem – Long Thanh International Airport light rail line; coordinate to speed up the progress of adjusting the 1/2000 planning of the Ring Road 2 project; complete the pre-feasibility study for the Ring Road 4 project in the fourth quarter of 2024.
Furthermore, in 2025, the Department of Transport is required to implement the investment policy to complete the coastal road of Ho Chi Minh City through the PPP mode.
As for the Department of Construction, it must complete the plan for the construction of social housing projects, resettlement housing projects for relocation and resettlement of houses on and along canals and rivers, along with the project to renovate and rebuild old apartments that are damaged and degraded in the city in the third quarter of 2024; advise on the approval of the investment policy for the social housing project for low-income people in Hiep Thanh Ward, District 12, in November 2024; complete the legal procedures for investment to soon start the construction of the social housing project in Tan Kien, Binh Chanh District, in December 2024.
The Ho Chi Minh City People’s Committee assigns the Housing Development Fund to complete the study and build a proposal for housing for officials, civil servants, public employees, and laborers in the city’s political system (under the program for housing for low-income people) in September 2024.
The Management Board of Industrial Parks and Export Processing Zones is to advise on solutions to form an additional 800 hectares of industrial land, including the second phase of Hiep Phuoc Industrial Park, the expansion of Le Minh Xuan Industrial Park, Le Minh Xuan 2 Industrial Park, and Pham Van Hai Industrial Park.
Complete and submit to the Ho Chi Minh City People’s Committee the pilot proposal for the conversion of 5 export processing zones and industrial parks: Tan Thuan, Tan Binh, Cat Lai, Binh Chieu, and Hiep Phuoc.
To achieve these goals, the Ho Chi Minh City People’s Committee requires heads of departments, branches, and localities to build plans with clear tasks, solutions, and resources for implementation, as well as expected results. These plans should be concretized into specific objectives and tasks, with regular inspections and updates on the progress and results of the annual work program.
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