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Ho Chi Minh City sets an economic growth target of more than 10% in 2025, higher than the target assigned by the Government. This demonstrates great determination, continuing to affirm Ho Chi Minh City's role as an economic "locomotive".

Ho Chi Minh City sets a high economic growth target in 2025 (Tan Cang - Cat Lai Port). Photo: SNP

High target, higher determination

The Government has passed a resolution on growth targets for sectors, fields, and localities to ensure that the country's growth in 2025 reaches 8% or more. With the role of the country's economic "locomotive", Ho Chi Minh City's economic growth rate has a great impact on the target of gross domestic product (GDP) growth.

 

During the group discussion session at the 9th extraordinary session of the 15th National Assembly on February 12, President Luong Cuong (member of the Ho Chi Minh City National Assembly Delegation) said that Ho Chi Minh City's economic growth of 1% is equivalent to other localities growing by tens of%.

 

In Decision No. 199/QD-UBND dated January 15, 2025, the Ho Chi Minh City People's Committee set a target of a gross regional domestic product (GRDP) growth rate of more than 10% in 2025. This is a target that demonstrates the city's great determination in the context of many unpredictable fluctuations in the world while the city has a large economic openness.

 

In a recent directive speech, Politburo member and Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen emphasized that setting a high economic growth target is not just a matter of willpower but to have high determination and tireless efforts to enter a new era with the country.

Production at Nidec Company in Ho Chi Minh City High-Tech Park. Photo: SHTP

Promoting all growth drivers

Dr. Tran Quang Thang, Director of the Ho Chi Minh City Institute of Economics and Management, said that in order to achieve the target of GRDP growth of 10% by 2025, Ho Chi Minh City needs to implement and accelerate the following important tasks: Completing important infrastructure projects such as highways, ring roads and public works; simplifying administrative procedures, increasing transparency and improving the quality of public services; training and developing high-quality human resources, ensuring the rate of trained workers reaches more than 87%.

 

The city needs to quickly implement digital transformation projects, apply digital technology to economic sectors, improve labor productivity and enhance competitiveness. In addition, attract domestic and international investment in key economic sectors such as industry, services and infrastructure.

Ho Chi Minh City ensures land fund for industrial production development. Photo: SHTP

In particular, according to Dr. Tran Quang Thang, Ho Chi Minh City needs to shift from a growth model based mainly on infrastructure investment to a growth model based on competitiveness and innovation.

Director of the Department of Planning and Investment of Ho Chi Minh City Le Thi Huynh Mai informed that the city has proposed 9 tasks and solutions to mobilize the total force of growth drivers, determined to achieve the target of double-digit GRDP growth by 2025. Of these, there are 5 notable issues.

Specifically, first, promoting institutional and legal breakthroughs to "breakthrough breakthroughs", creating development momentum with the spirit of "open policies, smooth infrastructure, smart governance".

Second, mobilizing, allocating, using, and effectively managing resources for development investment. Accordingly, for public investment, ensure the implementation of the public investment capital plan of VND 84,000 billion in 2025; for state-owned enterprises, maximize the resources held, promote growth, and lead the economy.

 

Promote public-private partnership in infrastructure development: Resolutely handle arising issues of 5 BT (build-transfer) projects that have been deployed; focus resources on investment preparation, promote project implementation, select investors for 10 projects with a total investment of about VND 100,000 billion; promote investment attraction in the fields of health, education, sports and culture with a list of 41 projects calling for investment.

 

Third, improve the investment environment, remove difficulties, increase FDI attraction and domestic private sector. Regarding FDI, promote capital attraction through all 3 forms (new projects, expansion investment and mergers and acquisitions). Regarding domestic private investment, focus on preparing land, planning, and procedures to promote the implementation of 84 projects; regarding investment in urban development in the direction of public transport (TOD), proactively prepare and implement procedures to attract investment in 11 areas expected to implement TOD with a total area of ​​over 1,107 hectares.

The real estate market is also a growth driver that Ho Chi Minh City focuses on. Photo: Nguyen Le

Fourthly, focus on implementing important and key programs and projects including: Vietnam International Financial Center Project; infrastructure development project, coastal road project research; urban railway project; Thu Thiem - Long Thanh railway project; logistics center development program; Ho Chi Minh City housing development program for the period 2021-2030...