City targets growth rate of over 10%

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VietNam News English - 36 month(s) ago 3 readings

City targets growth rate of over 10%

The nation's commercial hub will continue to remain an economic spearhead with a growth rate of over 10 per cent next year.

Workers assemble sewing machines at Juky Viet Nam Co Ltd at Tan Thuan Processing Zone in HCM City. — VNA/VNS Photo Thanh Vu

Workers assemble sewing machines at Juky Viet Nam Co Ltd at Tan Thuan Processing Zone in HCM City. — VNA/VNS Photo Thanh Vu

HCM CITY — The nation's commercial hub will continue to remain an economic spearhead with a growth rate of over 10 per cent next year.

This was agreed by delegates at the 8th meeting of the Ninth HCM City Party Committee held in the city on Thursday to review the city's socio-economic development in 2011 and discuss measures and targets for 2012.

Speaking at the meeting, Le Thanh Hai, Politburo member and Secretary of HCM City Party Committee, said despite the global economic turmoil, HCM City had maintained a GDP growth rate of 10.3 per cent this year, 1.7 times higher the national rate for the same period.

Hai said drastic measures taken by the city authority to curb inflation have helped HCM City keep the consumer price index (CPI) at 16 per cent, lower than the estimated 18 per cent for the country.

To reduce public investments, the city has delayed or reduced investments in 92 puplic projects, with total reduction of VND441 billion (US$21 million) in 2011.

Hai said the city has also mobilised resources from different sectors to ensure social welfare for workers and poor families in the city.

In 2011, the poor families (who have average incomes of less than VND12 million/person/year) account for 5.3 per cent of the city's population.

Delegates at the meeting also agreed that the city authority should provide support to help businesses mobilise capital for production and to revive the securities and real estate markets.

The property market must pay close attention to the purchasing power of workers and low-income residents, they noted.

The City Party Committee also asked relevant Government agencies to check the implementation of the hunger eradication and poverty alleviation (HEPA) programme and provide necessary support for all those in need. — VNS

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