HCMC sets 2023 growth target of 7.5-8 percent

Ho Chi Minh City People’s Committee has proposed a growth target of 7.5-8 percent for its Gross Regional Domestic Product (GRDP) in 2023.
HCMC sets 2023 growth target of 7.5-8 percent ảnh 1 Vice Chairwoman of the city People’s Committee Phan Thi Thang speaks at the meeting. (Photo: SGGP)

At the meeting of the municipal People’s Council on December 7, Vice Chairwoman of the city People’s Committee Phan Thi Thang said that the city could have both opportunities and challenges in socio-economic development next year but more difficulties and challenges are expected and it’s hard to predict them. 

The city will continue to focus on administrative reform, increase the efficiency of public services, and improve the business environment, she said. 

Thang added that the city authorities will continue to remove bottlenecks, make use of resources, mobilize various investment capital sources, as well as accelerate the implementation of key infrastructure projects, traffic and urban development ones. 

The city also expects to create a breakthrough in digital transformation and a knowledge-based economy in association with exploiting the potential of science and technology, Thang said.

Among the 17 key indicators for socio-economic development for 2023, the municipal People's Committee also set a target to attract 4.5-5 million foreign tourists next year for a revenue of VND120 trillion (about US$5.03 billion).

In 2022, despite difficulties and challenges, HCMC reached a GRDP of about 9.03 percent, surpassing the approved target of 6-6.5 percent. Its Index of Industrial Production (IIP) so far this year is estimated to increase by 14.2 percent.

So far this year, the city’s total export turnover is estimated at $49.5 billion, up 10.3 percent, and its total import turnover, at $66.2 billion, up 10 percent.

Total tourism revenue has reached about VND120 trillion, marking a year-on-year increase of 171.2 percent. The city has received 3.5 million foreign visitors so far this year.

Its budget revenue posted positive growth, estimated at VND457.5 trillion, 18.35 percent higher than the target approved by the city People’s Council.