It is estimated that by the end of the first quarter of 2024, Ho Chi Minh City's GRDP will grow by about 6.54%, ranking 2nd among the 5 centrally-run cities.
This afternoon, March 27, the Executive Committee of the Ho Chi Minh City Party Committee, term XI, 2020-2025, held its 28th Conference.
At this conference, Mr. Nguyen Khac Hoang, Director of the Ho Chi Minh City Statistics Office, said that it is estimated that by the end of the first quarter of 2024, Ho Chi Minh City's GRDP will grow by about 6.54%. This is a fairly high increase compared to the initial assessment (only 5.5%), ranking 2nd among the 5 centrally-run cities, after Hai Phong and higher than Hanoi, Da Nang, and Can Tho.
In the first quarter of 2024, Ho Chi Minh City's service sector grew by 7.34%, contributing over 71% of the local GRDP. The real estate market is showing signs of recovery, with a growth rate of 2.5% in the first quarter of 2024 (down more than 10% over the same period last year). Real estate tax revenue in the first quarter of 2024 increased by 36.9%.
According to the Ho Chi Minh City Statistics Office, the total social investment capital in the first quarter of 2024 in the area reached 68,000 billion VND, of which public investment capital accounted for 20%, FDI capital over 11%. The investment pillar contributing to economic growth mainly comes from private investment capital (accounting for over 60%).
Regarding the disbursement of public investment capital, Ms. Le Thi Huynh Mai, Director of the Department of Planning and Investment of Ho Chi Minh City, said that by the end of March 26, the total disbursed public investment capital was VND 2,487 billion, reaching 3.1% of the total assigned capital plan. Through the synthesis of disbursement plans from investors, the total disbursed capital by the end of the first quarter of 2024 is expected to be VND 5,635 billion, reaching 7.1% (over VND 79,263 billion of assigned capital).
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| Ho Chi Minh City Party Secretary Nguyen Van Nen speaks at the conference |
Concluding the conference, Ho Chi Minh City Party Secretary Nguyen Van Nen emphasized that since 2020, the GRDP growth rate in the first quarter of 2024 has been relatively high compared to the same period last year. Some growth drivers such as services, tourism, and exports have shown positive changes. With this growth momentum, the city has enough conditions to achieve the GRDP growth target for the whole year of 2024 from 7.5 - 8%.
According to Mr. Nen, one of the outstanding highlights of Ho Chi Minh City that needs to be replicated is that there are more and more new models and creative ways of doing things, solving many backlogs. In addition, infrastructure construction has grown quite well. In particular, the implementation of the Ring Road 3 project has been assessed by the Central Government as one of the best construction localities.
At this Conference, the Ho Chi Minh City Party Committee Executive Committee agreed with the Report of the Party Committee of the Ho Chi Minh City People's Committee on tasks and solutions for socio-economic development in the second quarter of 2024 and the following quarters.
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