HCM City legislature passes major socio-economic resolutions

Nguyễn Thị Lệ, chairwoman of the city People’s Council, speaks on the final day of the People’s Council’s 13th session last Friday. VNA/VNS Photo

HCM CITY — The HCM City People’s Council has passed a number of key socio-economic resolutions aimed at addressing the city’s challenges and driving growth in 2024.

Nguyễn Thị Lệ, its chairwoman, said on the concluding day of the 13th legislative session last Friday that a total of 50 resolutions were passed addressing a range of issues such as public investment and public-private partnership (PPP) projects.

“These resolutions will play an important role in advancing the city’s socio-economic development in the coming years.”

She urged the People’s Committee, the executive arm of the city government, to accelerate public spending, boost consumption and seek measures to resolve the challenges faced by businesses.

She also called for speeding up digital transformation and effectively implement “the special mechanisms and policies” for the city’s socio-economic development.

The council also approved a public investment plan for 2024 including allocation of the VNĐ3.68 trillion the city will get from the Government.

In 2024 public investment is expected to top VNĐ79 trillion, up from VNĐ68.5 trillion this year.

The council also approved a list of 41 projects under the PPP model in healthcare, education and training, sports, and culture.

2024 targets

Despite the challenges that lie ahead, the city has set ambitious socio-economic targets for 2024, including economic growth of 7.5-8 per cent, increasing tourism revenues and attracting a larger number of international visitors and upgrading the information technology infrastructure.

It also plans to create new jobs, expand housing, provide all public services online and ensure a high level of satisfaction with the services provided by government agencies.

The city had only achieved around 50 per cent of its 2023 public investment target by the end of November.

Retail sales of goods and services increased by 10.8 per cent, and tourism revenues by 22 per cent.

The number of foreigners was up 44.3 per cent.

Some 10 per cent more businesses were established than in 2022.

But economic recovery will continue to face challenges next year due to a global recession, experts warn.

The global economic slowdown and inflation have affected all of the city’s economic sectors, hindering recovery, they point out.

The property, stock and bond markets will not recover next year, they warn.

Businesses lack export orders due to the weak global demand.

“In light of these challenges, the People’s Council’s resolutions aim to take proactive steps to promote the city’s socio-economic development and improve the lives of people,” Lệ said. — VNS