HCM City Exceeds Most 2024 Socio-Economic Targets, Achieves Significant Growth
Ho Chi Minh City, The Gulf Observer: Ho Chi Minh City (HCM City) has surpassed the majority of its socio-economic targets for 2024, with projected Gross Regional Domestic Product (GRDP) growth exceeding 7 percent, despite facing numerous challenges.
Addressing the year-end session of the municipal People’s Committee on Monday, Nguyễn Thị Lệ, chairwoman of the People’s Council, highlighted the city’s remarkable contributions to the national economy. The city achieved a 7.17 percent growth rate, slightly below the annual target of 7.5 percent.
“The city has successfully met its poverty reduction goals and is advancing initiatives in social housing and canal structure clearance,” said Lệ.
Impressive Economic and Infrastructure Achievements
HCM City’s 2024 budget revenue is set to reach an unprecedented VNĐ502 trillion (US$19.7 billion), marking a 12 percent year-on-year increase and accounting for 27 percent of the nation’s total revenue. Exports are expected to climb by 10.4 percent to $46.9 billion.
Tourism has been a standout sector, with projected revenue reaching VNĐ190 trillion, up 18.8 percent year-on-year. The city anticipates welcoming 6 million international visitors in 2024, a 20 percent increase from the previous year.
Key infrastructure projects are also nearing completion. Metro Line 1 is in its final stages, while the national Ring Road 3 project has made substantial progress.
In addition, the city has advanced its digital transformation agenda by launching the “Digital Citizen of HCM City” app and enhancing online services to streamline administrative processes.
Challenges Hindering Growth
Despite its successes, Lệ pointed out several challenges impacting the city’s growth. Many infrastructure, housing, and environmental projects have faced delays, with public investment disbursement falling significantly below target.
As of October, only VNĐ17.3 trillion of public investment—22 percent of the 2024 plan—had been disbursed, representing a 2.3 percent decline compared to the previous year. Issues such as site clearance difficulties, complex procedures, slow disbursements, and a shortage of sand were cited as key barriers.
Policy Discussions for Welfare and Poverty Reduction
The three-day session will also address policies to improve welfare, including tuition fee support for the 2024-2025 academic year and assistance for families impacted by poverty criteria changes.
Special attention will be given to sustainable poverty reduction programs, with policies targeting individuals with revolutionary service and their families, as well as those classified under revised poverty and near-poverty household criteria by 2025.
With continued efforts to tackle challenges and drive development, HCM City remains a vital economic hub for Vietnam, demonstrating resilience and innovation in achieving its socio-economic goals.
