Online conference seeks ways to recover Ho Chi Minh City’s economic development

According to the Chairman of the municipal People’s Committee, the COVID-19 epidemic has caused a huge impact on the city’s economic development as it grew at its lowest pace since 1986, by a figure of only 0.42% in the first quarter of this year.

He stressed the urgent task to mobilise all available resources to recover and regain the pace of growth of the city’s economy.

Dr. Tran Hoang Ngan, Director of the Ho Chi Minh City Development Research Institute, reported that the epidemic has affected more than 262,000 enterprises in the city, adding that they need supportive and preferential policies to rebound in 2021.

Addressing the event, Secretary of the municipal Party Committee Nguyen Thien Nhan said that the city authorities has adopted solutions to prevent businesses from the risk of bankruptcy, ensure liquidity and minimise the impact of COVID-19 on their activities, as well as help them resume their production and services.

A number of supportive policies have also been promulgated to encourage the replacement of imported products by domestic products and promote the expansion of domestic value-added chains.