Ho Chi Minh City Sets 8,5% GRDP Growth Target in 2025

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According to the plan, the People's Committee of Ho Chi Minh City requires agencies and units to continue to synchronously and effectively implement the Resolutions and Conclusions of the Central Committee, the City Party Committee, and the City People's Council to complete the goal. The city will effectively promote the new and breakthrough mechanisms and policies that have been issued. The requirements also specify the goals of the smooth and effective operation of the two-level government, administrative reform promotion, and building a contingent of grassroots cadres with quality and capacity.

The city must also promptly and effectively implement policies on exemption, reduction, and extension of taxes, fee,s and land rents. It goes hand in hand with a radical reform, minimizing administrative procedures and compliance costs. The plan aims to end the situation of prolonging the settlement time through many agencies and units, supporting people and businesses, promoting production and business, tourism, and consumption.

A corner of HCMC (Photo: Getty Image).

The People's Committee of Ho Chi Minh City emphasizes solutions to promote growth momentum from the mass investment in society. The promotion of the disbursement of public investment capital, public investment taking the leading role, and active social resources are emphasized. Heads of assigned agencies and units are requested to have feasible and effective solutions to attract and mobilize capital, ensuring the disbursement of 100% of the state budget investment capital plan in 2025.

The city focuses on rapidly developing high-value-added service industries, which are its strengths. It includes the promotion of exports and trade development, consumption, effectively reaching the domestic market and attracting tourists. Ho Chi Minh City is also determined to promote new growth drivers, such as science and technology, innovation, digital transformation, and high-quality human resources.

According to the Ho Chi Minh City Institute for Development Studies, reaching the growth target of 8% - 8.5% in 2025 is a big challenge due to the complicated global economic developments. For example, the growth in the third quarter of 2025 must reach 10.38%, the fourth quarter must reach 10.5% and the last 6 months of the year will reach 10.44%. This scenario is similar to that of the City Statistics Department.

In his remarks, Chairman of the People's Council of Ho Chi Minh City Vo Van Minh emphasized that the city needs to prioritize promoting economic growth. “Ho Chi Minh City must consistently adhere to the set GRDP growth target of 8.5% in 2025,” he claimed.

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