Friday , June 21 2024

HCMC growth worst in 35 years

HCMC recorded a year-on-year GRDP contraction of 24 percent in the third quarter, dragging estimated growth for the year to negative 6.7 percent, the lowest in 35 years.

The biggest city in Vietnam has faced many Covid-19 challenges and failed to meet several growth targets, HCMC Chairman Phan Van Mai said at a meeting Wednesday.

Between June and September, the city focused most of its resources to curbing the spread of Covid-19 and therefore most economic activities were suspended, he added.

As of Tuesday the city had recorded over 480,100 Covid-19 cases with 18,555 deaths since the beginning of the pandemic.

71,000 of the cases are active, with nearly 94 percent self-isolating and treating themselves at home.

Mai cautioned that the new variant Omicron could threaten the city’s accomplishments in containing the virus.

“Covid-19 has not ended, which means we lower our guard. The city needs to continue to fight Covid-19 while targeting economic economy.”

The city has resumed economic activities since the beginning of the fourth quarter but several establishments remain closed to prevent another outbreak, he added.

Nguyen Van Nen, Secretary of HCMC Party Committee, said at a Thursday conference that the city is targeting GRDP growth of 6-6.5 percent next year.

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