Fast growth: Customers at a cafe along the Saigon River in Ho Chi Minh City. Speeding up public spending will be a significant factor for the city to reach its growth target for 2024. — Bloomberg
HO CHI MINH CITY: Challenges such as bureaucratic obstacles, land clearance issues and project implementation delays must be overcome for Ho Chi Minh City to reach its growth target of 7.5% to 8% for 2024, says a senior city official.
Speaking at a meeting, Phan Van Mai, chairman of the city People’s Committee, said that measures to achieve the growth target included speeding up public spending, enhancing public services, streamlining administrative reform, controlling inflation and stabilising the economy.
The city would particularly focus on expediting public spending, boosting consumption and resolving the challenges faced by businesses in 2024, he said.
Over the years Ho Chi Minh City has seen rapid urbanisation and economic development, leading to increased demand for public services and infrastructure.
However, the city has faced challenges in effectively disbursing public funds, resulting in delays in crucial projects and hindered economic growth.
As of Jan 5, the city’s public investment disbursement reached nearly 44 trillion dong, only 64% of the full-year target.
In addition to speeding up public spending, the city will focus on developing high-quality human resources and promoting digital transformation to foster digital governance, a digital economy and a smart city status.
It will continue to create the most favourable conditions for business activities, according to Mai.
It will also review and adjust its general planning, including land-use plans until 2040, as well as land prices, housing development plans, and the development and management of social housing until 2030.
Le Thi Huynh Mai, director of the Planning and Investment Department, said speeding up public spending would be a significant factor for the city to reach its growth target for 2024.
She recommended the city improve the capacity of department and branch leaders in capital disbursement, monitor progress regularly, accelerate site clearance, shorten investment procedure time, and be more flexible in capital adjustment.
Tran Du Lich, chairman of the Advisory Council implementing resolutions for the development of the city, said meeting the growth target of 7.5% to 8% would be challenging but attainable with effective measures. He recommended the city make efforts to continue restructuring state-owned enterprises. — Viet Nam News/ANN
