The government’s officer has released its document 192/TB-VPCP upon Prime Minister Nguyen Xuan Phuc’s proposal.
The document clearly stated that the coronavirus pandemic has made damaging impact on social and economic development. Ho Chi Minh City has taken more drastic measures to contain the pandemic and also maintain socio-economic development, the government has acknowledged the city’s efforts in the two fields.
Despite low economic growth in comparison to the same period last year, the city has contributed 25 percent of the country’s budget collection and disbursed nearly VND4.2 trillion (US$ 183,420,510) on public works, twice higher than the same period last year. Total export turnover was estimated to reach $14.42 billion, a year-on-year increase of 16.7 percent.
The city also take the lead in implementing policies to support residents, enterprises that have been facing difficulties because of the coronavirus pandemic. However, the city is still facing challenges such as low provincial competitiveness index (PCI) ranking and rapid urbanization and migration resulting in pressure on traffic infrastructure.
The Prime Minister ordered the city to make more efforts in the fight against the pandemic and increase in economic growth by strongest determination and synchronous measures. The city should strive to reach the targeted growth level for 2020 of 5 percent – its significant mission for the year.
In addition to synchronous measures to restore growth and solutions to assist firms to get out of difficulties, the city was tasked to increase disbursement for public works as per the PM’s direction.
What’s more? PM Phuc proposed the city to link traffic infrastructure with urban renewal and congestion and environment pollution reduction in response to climate change. Additionally, the city should focus on improve its business environment and raise its provincial competitiveness index.
Above all, the city must verify high-tech industries as its key mission; therefore, the city must take advantage of the opportunities when large corporations and companies shift their production sites into Southeast Asian countries generally and Vietnam particularly as well as create favorable condition to support medium and small companies. While receiving foreign investors, the city should select environmentally friendly, high tech investment to best serve the sustainable growth of the country.