HCM City targets GRDP growth of 7.5-8% in 2024

Ho Chi Minh City aims for a gross regional domestic product (GRDP) growth of 7.5-8% in 2024 with a recovering economic situation after a tough year, heard the 13th meeting of the municipal People’s Council on December 6.

Participants held that along with difficulties, the city also enjoys many advantages, including those from special policies that support city development, an improved investment environment, and promoted foreign direct investment attraction.

Secretary of the HCM City Party Committee Nguyen Van Nen said that next year, the city will focus on promoting digital transformation and effectively implementing special policies toward growth.

Vo Van Hoan, Vice Chairman of the municipal People’s Committee said that in 2024, the city hopes to welcome about 6 million foreign visitors and earn over 190 trillion VND (7.82 billion USD) from tourism activities.

The southern economic hub will strive to become one of the five leading localities in the provincial digital transformation index. The city plans to build an additional 8 million sq.m of houses to expand the per capita housing area to 22.06 sq.m, said Hoan.

According to Hoan, in 2023, the city’s GRDP is likely to expand by 5.81%. The city’s industrial production is to rise 4.6%, and the total retail sales of goods and services will surge 22%. Foreign arrivals in the city are projected to increase by 44.3%, and the number of new enterprises by 10%. Good progress has been seen in the construction of many national key projects in the city.

This year, the city has been honoured by the Asian-Oceanian Computing Industry Organisation (ASOCIO) with the Digital Government Award.

However, the official said that the city is likely to fail to fulfil a number of targets for 2023, including GRDP growth which is below the goal of 7.5-8% set in the beginning of the year./.