HCMC enjoying great achievements in economic recovery


The growth rate in the first 6 months of Ho Chi Minh City reached 3,82 percent, a signal that the city’s economy is on its way of strong recovery thanks to many efforts from the whole community.

HCMC enjoying great achievements in economic recovery ảnh 1 Seafood processing for export to the US market. (Photo: SGGP)

Among great economic achievements of HCMC is the impressive recovery of the trading, service, and industry sectors, along with bustling import-export activities. These three, which have been kept stable since the end of 2021, are the foundation for such meaningful economic accomplishments.

If this recovery pace continues, the economic status of the city for the last 6 months this year is truly promising, turning completely back to the time before the Covid-19 outbreak. This means the estimated growth rate of 6-7 percent for 2022 compared to 2019 and 2020 can be fulfilled.

Experts in the field, however, have always raised the question whether it is possible to reach a higher goal when may supporting policies are in effect.

Statistics from the aspects of public investment, public resource mobilization, construction, and real estates reveal a decrease of 10 percent compared to this time previous years, meaning certain ineffectiveness in addressing existing economic issues.

In addition, the administrative reform has been initiated but the results are not as expected when HCMC is only in the average group. This has asked for a long-term campaign to create good habits in public services.

In the next 6 months, it is advisable to prioritize economic recovery for a quicker growth rate. The three pillars of the city economy should be maintained as the leaders for post-pandemic economic activities. There must also be adjustments of businesses to better adapt in the post-pandemic period, in hope of creating more breakthroughs after such a painful time.

More importantly, congestions in administrative reform must be tackled. The People’s Committees at all levels must try to increase the administrative reform indexes via improvements in performance, practical programs to accelerate the progress of current projects in the city, so that estimated positive results in the third quarter will become the foundation for the fulfillment of goals in the last one. Strict human resource management measures should be applied to improve the quality of weak staff while encouraging more commitment from capable officials.

Major projects in HCMC like Ring Road No.3, Metro Route 1 and 2, Moc Bai Expressway, Thu Thiem 4 Bridge, Xuyen Tam Channel, water supply – drainage system, social housing must receive more attention. The beauty and culture aspects of the city should be properly taken care of during special events like the Independence Day, New Year Day.

Obviously, experience gained from this historic post-pandemic time, when used appropriately, will become the motive force more even stronger socio-economic development of HCMC in the future.

Dr. Truong Minh Huy Vu – Translated by Thanh Tam

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