Ho Chi Minh City's economy recovers in 2024, growth in each quarter is higher than the previous quarter

On December 26, at the conference to review the implementation of socio-economic development tasks in 2024 and to disseminate and deploy tasks in 2025, Mr. Duong Ngoc Hai, Standing Vice Chairman of the Ho Chi Minh City People's Committee, said that in 2024, Ho Chi Minh City's economy will continue to recover, with growth in each quarter higher than the previous quarter.

Accordingly, the city's GRDP growth rate in the first quarter was 6.79%, in the second quarter it was 6.53%, in the third quarter it was 7.36% and in the fourth quarter it was estimated to increase by 7.92%. The total GRDP growth in 2024 of Ho Chi Minh City is estimated to increase by 7.17% compared to 2023 (nearly reaching the set plan of increasing from 7.5-8%).

Ho Chi Minh City in 2024 economic recovery, growth rate in each quarter is higher than the previous quarter

In 2024, the city will continue to promote science and technology in industrial development, and four key industries will continue to be the driving force for growth. The industrial production index (IIP) in 2024 is estimated to increase by 7.3% over the same period. Of which, the mining industry will increase by 28.5%; the processing and manufacturing industry will increase by 5.1%; electricity production and distribution will increase by 11.2%; water supply and waste treatment will increase by 4.9%.

The production index of 4 key industrial sectors in Ho Chi Minh City in 2024 increased by 7.6% over the same period. Of which, the pharmaceutical industry increased by 19.5%; the food and food processing industry increased by 1.5%; the electronics manufacturing industry increased by 2.1%; and the mechanical industry decreased by 5.2%. The production index of 3 traditional industrial sectors in 2024 decreased by 0.2% over the same period. Of which: the garment manufacturing industry increased by 0.3%; the textile industry increased by 1.3%; the leather and related products manufacturing industry decreased by 1.3%. Industrial production still maintained a stable growth rate, showing the recovery and sustainable development of the city's industry. The production and business activities of enterprises have shown many positive signs as orders gradually recovered.

Exports are estimated at 46 billion USD, up 8.3% compared to 2023. Imports are estimated at 58.6 billion USD, up 5.9% over the same period. Total tourism revenue is estimated at 190,000 billion VND, up 18.8% over the same period, reaching 100% of the plan. Domestic tourists reached 38 million, up 8.6%. International visitors are estimated at 6 million, up 20%.

The proportion of the city's digital economy continues to increase over the years according to data from the Ministry of Information and Communications: 15.38% in 2021, 18.66% in 2022, 21.5% in 2023; According to the calculation method of the General Statistics Office, in 2020 it was 12.61%; in 2021 it reached 13.84%; in 2022 it was 13.51%; in 2023 it accounted for 14.65%; The city is the largest e-commerce center in the country, with an average growth rate of 20%/year.

2024 marks a major turning point in the disbursement of public investment capital in Ho Chi Minh City when the city was assigned a capital of more than VND 79,263 billion, an increase of nearly 2.5 times compared to 2021 and more than previous years. As of December 25, the total disbursed capital reached nearly 65%. Ho Chi Minh City People's Committee said that it will strive to disburse 76.9% by the end of December, and by the end of the 2024 planning year (January 2025), the disbursement will reach VND 64,528 billion, a rate of 81.4%.

The disbursement of 80% in a year with a record capital level will be a "bright spot", creating a precedent and confidence for the following years. This is also evidence of effective coordination between city agencies in removing difficulties in site clearance, planning and administrative procedures.

The leaders of the Ho Chi Minh City People's Committee identified the theme for 2025 as "Focusing on streamlining the organization to be streamlined, strong, efficient, effective, and efficient; promoting digital transformation, Resolution 98; fundamentally resolving the difficulties and backlogs of Ho Chi Minh City".

According to Mr. Hai, in 2025, the city sets a target of GRDP growth rate of over 10%. The proportion of the service sector in GRDP is over 60%; strives for the digital economy to contribute about 25% to GRDP; GRDP per capita reaches about 8,500 USD; total social investment capital accounts for an average of about 35% of GRDP; Social labor productivity growth rate reaches 7%...

“Ho Chi Minh City also strives to be in the top 5 localities nationwide in terms of the provincial competitiveness index (PCI) and the top 15 localities nationwide in terms of the administrative reform index (PAR-index). The rate of people satisfied with the services of state administrative agencies in each field reaches 95% or more,” said Mr. Hai.

Source: https://thoibaonganhang.vn/tp-ho-chi-minh-kinh-te-nam-2024-phuc-hoi-tang-truong-quy-sau-cao-hon-quy-truoc-159353.html