With the spirit of 'HCMC for the nation, with the nation,' the city is committed to 'accelerating progress and surmounting obstacles' in the pursuit of the socio-economic objectives for 2024, aiming to implement goals outlined in Resolution XI of the HCMC Party Committee and Resolution 31 of the Politburo. The challenges ahead in the new year are formidable, necessitating exemplary leadership and a strong sense of responsibility to further uphold the resilient revolutionary tradition, foster solidarity, and overcome all obstacles in achieving the set objectives and tasks.

Overcoming headwinds

In the past year, the HCMC's Gross Regional Domestic Product (GRDP) reached approximately 5.81 percent, falling short of the planned target (7.5-8 percent). However, upon closer examination of the year-long growth trajectory, the achieved results are indeed noteworthy. The city's growth experienced a significant rebound, with each successive quarter outperforming the previous one: a modest 0.7 percent increase in the first quarter, followed by a surge to 5.87 percent in the second quarter, an acceleration to 6.71 percent in the third quarter, and a breakthrough to around 9.6 percent in the fourth quarter.

Previously, the city anticipated challenges from both external and internal factors and set forth tasks and solutions to drive socio-economic recovery and development. However, the challenging and unfavorable elements surfaced more frequently and grew more intricate. Some exceptionally serious incidents went beyond projections, and the city, akin to a 'patient in the recovery phase' (post-Covid-19 pandemic), encountered unexpected setbacks and adverse conditions. In the first quarter of 2023, growth plummeted to a record low of 0.7 percent (ranking among the lowest nationwide), dealing a substantial blow to the city's economic landscape.

In the face of these difficulties, the city continued to promote its resilient revolutionary tradition of a heroic city and garnered solidarity, consensus, effort, and creativity from both the political system and the business community and residents. Concrete strategies and immediate solutions have been implemented to confront challenges directly. The city's leadership, including the Permanent Committee of the HCMC Party Committee and the Standing Committee of the HCMC Party Committee, has demonstrated the utmost determination in guiding, directing, and managing socio-economic development. They have actively participated in oversight, tackling challenges, clearing obstacles, and unlocking social resources. Consequently, the city has not only propelled socio-economic recovery and development but has also achieved noteworthy outcomes.

Upon actively embracing Resolution 98 of the National Assembly, the city promptly translated the resolution into practical initiatives, yielding preliminary results. To date, the HCMC People's Council has issued over 20 resolutions detailing the implementation of key aspects of Resolution 98, covering critical areas such as poverty reduction, employment solutions, socio-economic infrastructure investment projects, key projects, social investment attraction, and organizational reforms. Capitalizing on these new mechanisms and policies, the city can mobilize additional resources from domestic and international sources to address bottlenecks in socio-economic structural infrastructure, alleviate traffic congestion and flooding, and build more schools, modern hospitals, sports centers, and cultural facilities.

Sustainable development and in-depth growth

For 2024, the city has adopted the theme ‘Determination to effectively implement digital transformation and Resolution No.98/2023/QH15 of the National Assembly.' Within this framework, digital transformation is recognized as a pivotal driver for sustainable development and in-depth growth, with a groundbreaking and more effective approach. Consequently, the city has outlined specific plans to implement measures for the development of digital economy and digital society, and digital governance to better serve the needs of citizens and businesses.

Regarding Resolution 98, the city has taken proactive steps in preparation and execution, creating a positive energy for growth. Initially, the new mechanisms and policies not only contribute to alleviating bottlenecks but also create conditions to attract social resources, along with public investment, to stimulate growth.

Yet, to achieve the 7.5 percent growth target for 2024, Associate Professor - Dr. Tran Hoang Ngan, NA delegate and Member of the Economic Advisory Group to the Prime Minister, also said that the city would have to significantly ramp up the disbursement of public investments. This strategy is expected to positively influence the attraction of social and foreign investment capital, playing a pivotal role in realizing the growth objective.

Associate Professor - Dr. Tran Hoang Ngan analyzed that, despite grappling with challenges both externally and internally, the commendable disbursement outcomes in public investment for 2023 (approximately VND48 trillion, 1.8 times higher than the previous year) clearly reflected the city's endeavors. These lessons must be consistently applied, particularly in the meticulous and timely preparation of documentation, early preparation of the construction site, and the active involvement of the Standing Committee of the HCMC Party Committee in monitoring and resolving impediments—all geared towards expediting the disbursement of public investment capital. Furthermore, the city should continue to efficiently address lingering issues and maximize opportunities while emphasizing individual responsibility at the leadership level.

Secretary Nguyen Van Nen of the HCMC Party Committee consistently emphasizes that at every level, department, and locality, especially among the leaders of party committees and authorities, there is a need to carry out tasks accurately and effectively within their organizations, units, and individual capacities. This collective effort is crucial for common goals and shared interests, enabling the city to overcome challenges, achieve significant breakthroughs, and contribute to the overall development and enhancement of the material and spiritual aspects of people's lives.

Source: SGPP