HCMC takes country's leading position thanks to three favorable conditions

HCMC occupies the leading position in the country thanks to its three conditions, including high labour productivity, high Incremental Capital Output Ratio (ICOR) and high leverage ratio of the State budget revenues and expenditure, said Secretary of HCMC Party Committee Nguyen Thien Nhan at the 49th session of the 10th-term HCMC Party Executive Committee ended on September 24.

Secretary of HCMC Party Committee Nguyen Thien Nhan speaks at the 49th session of the 10th-term HCMC Party Executive Committee. (Photo: SGGP)

Secretary of HCMC Party Committee Nguyen Thien Nhan speaks at the 49th session of the 10th-term HCMC Party Executive Committee. (Photo: SGGP)

According to the project “increasing its budget retention rate in the 2022-2025 and 2026-2030 periods", HCMC has asked for a permission to raise the retention ratio to 23 percent in 2022-2025 and 26 percent in 2026-2030 to reach total state budget revenues of VND39,599 billion (US$1.7 billion) and VND343,861 billion (US$14.76 billion) respectively. If the suggestion is approved, it will help the southern hub raise budget revenue target of the State and the city, and boost HCMC economic growth, stressed the HCMC Party Chief.
Regarding to a report on the three-year implementation of Resolution No. 54/2017/QH14 on November 24, 2017, of the National Assembly on piloting specific development mechanisms and policies for Ho Chi Minh City, he noted that the impact evaluation and the significance of State officials’ supplemental income must be added.
According to the Resolution No. 54, HCMC People’s Council will be entitled to arrange its budget to increase income for public servants and cadres according to their work efficiency. The maximum hike level will not exceed 1.8 times their wages instead of the original number of 1.2. It helps encourage and motivate employees in the workplace, he added.
Head of the Inspection Commission of the Ho Chi Minh City Party Committee, Duong Ngoc Hai previously made a report of the Party discipline, inspection, supervision and enforcement in 2020.
The Party’s inspection commissions at central and lower levels speeded up the inspections over Party organizations and Party members with signs of Party discipline violation, focusing on sectors that corruption occurs easily and complicated cases drew public concern.
However, the Party inspection and supervision have not yet been effective in fighting the degradation in political ideology, morality and lifestyle, and preventing and combating corruption, Mr. Hai said.
Speaking at the meeting, Standing deputy chairman of HCMC People's Committee Le Thanh Liem informed positive results of the implementation of Resolution No. 54, offering convenience to boost the progress of group A’s projects and key works of the city, increasing income and improving living standards of State officials, streamlining administrative procedures as soon as practicable to help improve the satisfaction of citizens and businesses in public administration centers.
Besides achievements, there remain constraints. The implementation of some projects’ progress is slower than planned while the financial mechanism has not been able to meet soaring needs. Additionally, the city is facing the  lack of capital for investment in infrastructure.
According to Standing deputy secretary of HCMC Party Committee, Tran Luu Quang, the Standing Board of the Ho Chi Minh City Party Committee agreed to add 2 more targets,  in which digital economy will contribute to 25 percent of HCMC's total GRDP (Gross Regional Domestic Product) in 2025 and 40 percent in 2030; political security and social order and safety will be maintained and crime and the number of road traffic deaths will reduce.
The meeting’s participants adopted 20 programs and projects under three breakthrough programs on urban renewal management, urban infrastructure development, the development of culture and human resource; and one key program on the development of enterprise, innovative startup and city’s main products.

By Mai Hoa, Manh Hoa - Translated by Kim Khanh

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