Ho Chi Minh City is worthy as an economic leader

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Production activities at CNS Amura Precision Co., Ltd., Saigon Industry Corporation. Photo: Nguyen Hien

Growth in depth

The most notable highlight is that the gross regional domestic product (GRDP) reached more than 1.33 million VND, an increase of 8.3% over the same period last year, 1.24 times higher than the whole country. In particular, the service sector increased by 8.4%, the industry and construction sector increased by 8.1%, the agricultural sector increased by 6.2%, the product tax increased by 8.3%.

One of the "internal forces" of HCMC that created high growth in 2018 is the total retail sales of goods and service revenue estimated to increase by 13.2% over the same period last year. The domestic businesses and suppliers put goods into modern retail channels with diversified products, increasing consumer purchasing power. The total export turnover is estimated at US $ 38.32 billion, up 7.8% over the same period; Import turnover is estimated to reach 47.3%, up 9.3% over the same period last year with mainly imports items of equipment and materials for production.

In particular, in domestic revenue, the city's revenue from the economic sector in 2018 was estimated to increase quite high by 15.02%. In particular, the increase of revenues from non-state enterprises is the highest by 21.91%, revenues from local state-owned enterprises increased by 18.68%, revenues from central state-owned enterprises increased by 12.95%, foreign invested enterprises increased 9.42%. This is considered a remarkable achievement, contributing to making the economy of HCMC grow and develop relatively stable.

Further analysis of the "internal force" of the city in the past year, City Party Committee Secretary Nguyen Thien Nhan said that for economic development, the role of aggregate productivity, creativity, science and technology, institutional reform is very important. In particular, the target of 2018 on the contribution of aggregate productivity was 36% and reached 38%, reflecting that the HCMC’s economy continued to grow in depth, promoting innovation, science - advanced technology. The labor productivity of the city is about 293 million VND/labor, 2.95 times higher than the national labor productivity (99.4 million VND / labor) ...

The great expectations

Chairman of Ho Chi Minh City People's Committee Nguyen Thanh Phong expressed that the achieved results in 2018 come from the high determination of the political system, the efforts of the enterprises to overcome difficulties and the efforts of the people, and the dynamism, creativity and decisiveness in leading and directing the implementation of the administration at all levels. Achievements in 2018 - the year of implementing the Resolution of the Party Congress at all levels, is an important basis for the city to complete its tasks during the term.

The results of 2018 will be the basis for the city to enter 2019 with positive growth expectations. Ho Chi Minh City chose 2019 as "The breakthrough year of administrative reform and implementation of National Assembly Resolution No. 54". With that mission, in 2019 Ho Chi Minh City will focus on implementing 20 indicators, of which the outstanding one is GRDP growth of 8.3- 8.5%, newly established 46,200 enterprises. Next year, the city also focuses on promoting administrative procedure reform, speeding up the process of e-government building to raise the provincial competitiveness index (PCI) into the top of five-leading localities in nationwide.

Ho Chi Minh City Customs working throughout the Tet holidays to clear export goods VCN - On the first day of the new year 2019, Cat Lai border gate Customs Branch ...

Economically, the city government will focus on improving the quality of growth and competitiveness of the economy associated with economic restructuring in depth, quality and efficiency; creating favorable and equal business environment, encouraging innovation, starting-up a creative business and developing businesses.

Ho Chi Minh City will also focus on building a scheme to build Ho Chi Minh City to become a smart city, linked to the construction of electronics and telecommunications, the Industrial Revolution 4.0, striving to be one of the first localities implementing the 5G telecommunication network. With the role of an economic leader, contributing 30% of GDP, accounting for 50% of the country's business force, HCMC expects to become a pioneer in innovative urban construction, creating a spillover effect for the whole country.