Ho Chi Minh City: Positive Economic and Social Results in the First Four Months of 2024

In the first four months of 2024, Ho Chi Minh City's total retail sales of goods and consumer service revenue increased by 12% compared to the same period last year; import and export turnover increased by 6.57%.

On May 16, the Ho Chi Minh City National Assembly delegation met with the City People's Committee to discuss the city's economic and social situation in the first four months of 2024 and the implementation of Resolution 98/2023/QH15 issued by the National Assembly on June 24, 2023, regarding special mechanisms and policies for Ho Chi Minh City's development, and Resolution 57/2022/QH15 issued on June 16, 2022, regarding the investment policy for the construction of Ring Road 3 in Ho Chi Minh City.

The meeting was chaired by Mr. Ha Phuoc Thang, Deputy Head of the Ho Chi Minh City National Assembly delegation, and Mr. Bui Xuan Cuong, Vice Chairman of the City People's Committee.

According to the report, in the first four months of 2024, Ho Chi Minh City's total retail sales of goods and consumer service revenue were estimated at over 366 trillion VND, an increase of 12% compared to the same period last year; import and export turnover was estimated at 18.06 billion USD, an increase of 6.57%.

The industrial production index (IIP) increased by 5.1%; 15,874 new enterprises were established with a total registered capital of over 128 trillion VND, an increase of 7.6% in quantity; total budget revenue reached over 183 trillion VND, an increase of 7.49%.

Healthcare and medical work received attention and were effectively implemented; cultural and artistic activities were lively and diverse; social order and safety were maintained.

Regarding the implementation of Resolution 98/2023/QH15, Ms. Le Thi Huynh Mai, Director of the Department of Planning and Investment, stated that through the implementation of this Resolution, the City People's Committee proposed that the Government urge ministries to coordinate with the City People's Committee to speed up the completion and submission process for the Government's decrees guiding certain contents of Resolution 98/2023/QH15, including a resolution on decentralizing state management in some areas for the City to replace Decree 93/2001/ND-CP; and a decree on mechanisms and policies to encourage the development of rooftop solar power installed at residential houses, offices, and industrial zones.

Regarding the progress of the Ring Road 3 construction investment project, Mr. Phan Cong Bang, Deputy Director of the Department of Transport, said that despite some difficulties, the progress of the two component projects in the City met the Government's planned progress requirements.

The City People's Committee proposed that the Prime Minister pay attention and direct the resolution of some difficulties and obstacles in project implementation, particularly concerning the source of sand for road foundation filling; and soon issue procedures and standards for using sea sand for road foundation filling for ring road and expressway projects.

Regarding social housing construction and the relocation of houses along canals, Mr. Huynh Thanh Khiet, Deputy Director of the Department of Construction, stated that the City still has more than 11,000 apartments and land plots created with state budget funds that are currently vacant. There is currently a proposal to auction 4,969 apartments and land plots, including 3,790 units in Thu Thiem and about 1,000 units in the Vinh Loc B resettlement area in Binh Chanh.

These apartments were built with state funds and bank loans and cannot be converted to social housing due to legal regulations, inconsistent funding sources, high costs, and regulations exceeding the area standards.

At the meeting, the Ho Chi Minh City National Assembly delegation recognized the positive results in the City's economic and social development in the first four months of 2024, achieving the highest growth since the COVID-19 period; and the City's efforts in implementing Resolution 98/2023/QH15 and the Ring Road 3 construction investment project.

The delegation also discussed some concerns such as clarifying the reasons and finding solutions to increase the disbursement rate of public investment; improving the effectiveness of attracting foreign investment; resolving issues of interest to the city's voters in granting apartment ownership certificates; promoting trade and managing e-commerce activities; and managing public land.

For more information about real estate projects in Ho Chi Minh City and other provinces, please contact FTT LAND!

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