HCM City must utilize special mechanisms for breakthrough growth: PM

Prime Minister Pham Minh Chinh made the above statement while addressing the working session with Ho Chi Minh City's authorities on socio-economic development.

The event was attended by Secretary of the city's Party Committee Nguyen Van Nen, Deputy Prime Minister Tran Hong Ha, Minister of Planning and Investment Nguyen Chi Dung, Minister-Chairman of the Government Office Tran Van Son, Minister of Construction Nguyen Thanh Nghi and Chairman of Ho Chi Minh City's People's Committee Phan Van Mai.

In June last year, the National Assembly approved Resolution 98/2023/QH15 on the pilot implementation of special mechanisms and policies for the development of Ho Chi Minh City - the biggest economic hub in Viet Nam.

Under the Resolution, Ho Chi Minh City shall have greater autonomy in the following six areas: (i) investment management; (ii) State finance and budget; (iii) urban and natural resources and environment management; (iv) attracting strategic investors; (v) science and technology management and innovation; and (vi) organizational structure of Thu Duc City.

In the first six month this year, Ho Chi Minh City reported the GRDP growth rate of 6.46 percent, highest rate over the last three years and it is higher than the national average of 6.42 percent.

The city's Index of Industrial Production (IIP) rose 56 percent compared to the same period last year and the highest growth since 2022.

The total retail sales of consumer goods and services increased 10 percent year-on-year. Of which, retail sales of consumer goods rose 10.2 percent.

Regarding the implementation of the Resolution 98, the city has prioritized the allocation of VND 3,794 billion (US$151 million) for the poverty reduction program; arranged VND1,500 billion (US$60 million) of public investment capital to support interest rates for investment projects that boost socio-economic development; and allocated VND 2,900 billion (US$115.5 million) for the Ho Chi Minh City-Moc Bai expressway project.

Prime Minister urged the city to uphold the role as Viet Nam's leading economic engine, synchronously deploy solutions to stimulate the economy, investment and consumption, control prices and prevent smuggling and trade fraud.

Pham underlined the need to improve the efficiency of management, use and disbursement of public investment capital, focusing on large and key projects while timely resolving difficulties and obstacles, creating maximum conditions for people and businesses in production and business activities, improving business and investment environment, and promoting innovation.

The city should speed up reform of administrative procedures, improve the provincial governance and public administration performance index, enhance digital transformation, and build smart urban areas, emphasized the PM.

Besides, the southern metropolis should pay due attention to upholding traditional cultural values and environmental protection, effectively carrying out social security policies as well as strengthening national security and order, stated the Government leader./.