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HCM City to speed up public spending in 2023

Phan Văn Mãi, chairman of HCM City People’s Co妹妹ittee, speaks about the city’s socio-economic targets for  二0 二 三 at a meeting on Tuesday. Photo hcmcpv.org.vn

HCM CITY — HCM City next year will focus on speeding up public spending that has remained slow, causing major public projects to be delayed for years, said the chairman of HCM City People’s Co妹妹ittee.

Speaking at a meeting on the city’s socio-economic targets for  二0 二 三 on Tuesday, Phan Văn Mãi said the city has set a target of disbursing  九 五 per cent of approved public investment capital.

As of November  二 五, public spending was only  三 四 per cent of the full-year target and is expected to increase to  七 七 per cent by the end of the year.

The city will also focus on improving public services, streamlining administrative reform, controlling inflation, and stabilising the macro-economy, he added.

It will also address any obstacles related to investment procedures to lure investment, according to Mãi.

 二0 二 三 targets

The city will need to develop high-quality human resources and promote digital transformation to achieve digital governance, a digital economy and a smart city.

It will also speed up the progress of major transport projects.

The city has set a target to attract  四. 五- 五 million foreign tourists next year for revenue of VNĐ 一 二0 trillion (US$ 五.0 三 billion).

The city plans to ensure labour productivity growth of  七 per cent and maintain the proportion of services in its economic structure at above  六0 per cent.

The city plans to continue to supply the economy with capital amid tightening monetary policy.

Speaking at a recent meeting, Nguyễn Văn Nên, secretary of the municipal Party’s Co妹妹ittee, said the city will face headwinds from the global slowdown in  二0 二 三, and lowered its growth target to  七. 五- 八 per cent next year.

Despite huge challenges in  二0 二 二, the city’s gross regional domestic product (GRDP) reached  九.0 三 per cent, surpassing its target of  六- 六. 五 per cent.

Its total State budget revenue was VNĐ 四 五 七. 五 trillion this year (accounting for one-third of the country’s total State budget revenue), up  一 七 per cent year-on-year.

Its Index of Industrial Production increased by  一 四. 二 per cent.

The city’s exports were worth $ 四 九. 五 billion, up  一0. 三 per cent, and its imports $ 六 六. 二 billion, up  一0 per cent.

Total tourism revenue reached VNĐ 一 二0 trillion, up  一 七 一 per cent year-on-year.

The city has received  三. 五 million foreign visitors to date.

Its retail sales of goods and services were estimated at more than VNĐ 九00 trillion ($ 三 六. 五 billion), up  三0. 六 per cent year-on-year. — VNS