City still faces many problems and challenges
By Van Nam – The Saigon Times Daily
HCMC – Though key economic indicators have turned positive this year, HCMC is still coping with a host of problems and challenges, said Vo Van Thuong, permanent deputy secretary of the city’s Party Committee.
Low labor productivity, growth quality and competitiveness are among the problems, Thuong told the second meeting of the tenth HCMC Party Committee on December 1. He said urban problems like traffic congestion, flooding and environmental pollution have remained as pressing as ever.
Thuong noted that in addition to opportunities, Vietnam in general and HCMC in particular will have to face a lot of challenges which will be brought about by bilateral and multilateral trade agreements the country has signed and will sign.
This year, the city expects its gross domestic product (GDP) to grow 9.8% to VND961.96 trillion (around US$42.76 billion), a three-year high. Its gross regional domestic product (GRDP) growth is put at 7.72%.
The respective GDP growth rates were 9.2% in 2012, 9.3% in 2013 and 9.6% last year, according to the city’s report on socioeconomic performance in 2015.
Total retail sales revenues from goods and services in the city this year are forecast to pick up 11.4% to more than VND683 trillion. The city’s consumer price index (CPI) would edge up about 1%, lower than the nation’s overall figure of around 2%.
HCMC would export nearly US$27 billion worth of merchandise this year, up 9.9% against 2014, and spend US$32.77 billion on imports, rising by 6.2% year-on-year.
This year’s total outstanding loans in HCMC are estimated at over VND1,206 trillion, up 13% compared to late last year. Outstanding loans in Vietnam dong still make up a majority and maintain stable growth.
Remittances to the city are projected to climb 10% to roughly US$5.5 billion in all of this year.
Thuong said the city targets higher economic growth and substantial improvements in growth quality and competitiveness next year.
Therefore, solutions must be put in place to spur productivity and investment efficiency, and create a healthy, transparent business environment for enterprises from all sectors.
Next year, the city aims for GRDP growth of 8%, investments accounting for 30% of GRDP, clean water supply for all households, treatment for all industrial wastewater and hospital waste, and a spot in the top five in the Provincial Governance and Public Administration Index (PAPI), the Provincial Competitiveness Index (PCI) and the Public Administration Reform Index (PAR Index).
Next year the city will adopt measures to achieve export growth of 8%; better control imports of luxury consumer goods, outdated technologies and products which are produced domestically; and diversify export products and markets.
- Houston, Miami, other cities face mounting health care worker shortages as infections climb
- Special report: an outsider’s guide to the City of London
- 'Welcome to Fear City' – the inside story of New York's civil war, 40 years on
- Guardiola refuses to blame defence for City's faltering season
- Domestic banks to face competition from foreign rivals after EVFTA
- Sen. Kennedy slams Portland mayor: 'He took an oath to protect his city'
City still faces many problems and challenges have 503 words, post on at October 24, 2016. This is cached page on Talk Vietnam. If you want remove this page, please contact us.