Ho Chi Minh City sets growth target of 7.5-8% for 2023

The Ho Chi Minh City People’s Council has passed a resolution on socio-economic development tasks in 2023, aiming to achieve economic growth of between 7.5% and 8% next year.
Thu Thiem 2 Bridge in Ho Chi Minh City. (Photo: VnExpress)
Thu Thiem 2 Bridge in Ho Chi Minh City. (Photo: VnExpress)

The city also aims for labour productivity growth of 7% and will strive to maintain the proportion of services in its economic structure at above 60%.

The rate of public disbursement is set at 95% while social spending on science and technology will average 1%.

In other targets, Vietnam’s southern economic hub aims to welcome 4.5-5 million foreign visitors and generate tourism revenue of 120 trillion VND (5 billion USD).

In order to fulfil such targets, Ho Chi Minh City will continue stepping up administrative reform, improving public service delivery, enhancing the business environment, and addressing obstacles relating to investment.

The city will accelerate the progress of key infrastructure, transport and urban projects, and create breakthroughs in digital transformation and developing a knowledge-based economy.

In 2022, Ho Chi Minh City’s economy is expected to exceed the target and grow by 9.03%. The city’s government revenue is estimated at 457.5 trillion VND (19.4 billion USD), up 17.5% from last year.