HCM City exceeds socio-economic targets for 2024 with growth exceeding 7%

Nguyễn Thị Lệ, chairwoman of the People’s Council, speaks at the opening of the People’s Committee year-end session on Monday. — VNA/VNS Photo

HCM CITY — HCM City has surpassed most of its socio-economic targets for 2024, with projected Gross Regional Domestic Product (GRDP) growth exceeding 7 per cent.

Speaking at the opening of the People’s Committee year-end session on Monday, Nguyễn Thị Lệ, chairwoman of the municipal People’s Council, said despite multiple challenges and a growth rate of 7.17 per cent, slightly below the yearly 7.5 per cent target, the city has made significant contributions to the national economy.

“The city has met its poverty reduction goals and is actively advancing social housing initiatives while clearing structures along canals,” she said.

It is set to reach historic budget revenue of VNĐ502 trillion (US$19.7 billion) this year, up 12 per cent year-on-year and accounting for 27 per cent of the nation’s total revenue.

Exports are projected to reach $46.9 billion, up 10.4 per cent.

Tourism revenue is expected to hit VNĐ190 trillion in 2024, up 18.8 per cent year-on-year, with international visitors expected to reach 6 million, up 20 per cent over last year.

Key infrastructure projects, including Metro Line 1, are nearing completion, and significant progress has been made on national project Ring Road 3.

Lệ also highlighted the city’s continued commitment to improving governance, advancing digital transformation, and enhancing public administration.

The city has also launched the “Digital Citizen of HCM City” app and improved online services as part of an effort to streamline its administrative reforms.

Challenges

Lệ has, however, pointed out ongoing issues hindering the city’s growth, noting that many infrastructure, housing, and environmental projects have faced delays.

Public investment disbursement is below target, requiring urgent attention, she said.

As of the end of October, only VNĐ17.3 trillion has been disbursed, or 22 per cent of the 2024 plan, down 2.3 per cent from last year.

The low rate is attributed to site clearance problems, complex procedures, slow disbursements, and a sand shortage, among others, according to Lệ.

The three-day meeting will discuss policies to enhance welfare, including support for tuition fees and assistance for families affected by poverty criteria changes.

Among them are special policies to support tuition fees for the academic year 2024-2025, and assistance for individuals with revolutionary service and their families.

It will also review policies to support families impacted by changes in the criteria for identifying poor and near-poor households under a new sustainable poverty reduction programme by 2025. — VNS