Saturday, January 29, 2022 1:45:35 PM - Markets open
VN-INDEX 1,478.96 +8.20/+0.56%
HNX-INDEX 416.73 +5.46/+1.33%
UPCOM-INDEX 109.69 +0.96/+0.88%
HCM City will not meet economic growth target due to fourth COVID wave
Vietnam News - 12/8/2021 12:09:24 PM
 (0 ratings. You must sign in to rate.)
While HCM City is not expected to meet its economic growth target of 6 per cent for 2021 due to the impact of the fourth COVID wave, its budget revenue has exceeded the year’s target.
Speaking at the fourth session of the 10th HCM City People’s Council conference, Nguyễn Thị Lệ, chairwoman of the People’s Committee, said prolonged restriction measures had seriously affected HCM City’s business and production as well as people’s lives. 
The city has seen negative yearly growth (minus 6.78 per cent) for the year.
“The Gross Regional Domestic Product (GRDP) is expected to drop by 5.06 per cent this year,” she said.
After nearly two months of implementation of a government resolution on how to adapt to the pandemic, HCM City has controlled the spread of the coronavirus to a large extent and has started reopening its economy.
The city has achieved significant growth over the past five years. GRDP increased by an average of 6.41 per cent in the 2016-20 period, contributing more than 22.2 per cent of the country’s economy, according to Lệ.
Budget revenue
Speaking at the event, Lê Hòa Bình, vice chairman of the People’s Committee, said the city’s budget revenue is expected to reach more than VNĐ370 trillion (US$15.92 billion), or more than 101 per cent of the year’s target.
The target for the city’s 2021 budget revenue was VNĐ365 trillion as assigned by the central Government, which means it should collect VNĐ1 trillion ($44 million) a day. 
In recent years its budget revenue has accounted for 25 - 27 per cent of the country’s total budget revenue, according to Bình.
The city lured more than $5.8 billion worth of foreign direct investment (FDI) so far this year. The amount of remittances to the city was estimated at $6.6 billion, up nearly 9 per cent over the same period last year, according to Bình.
The city has estimated its budget revenue to be more than VNĐ386 trillion ($16.66 billion) in 2022, an increase of 5.9 per cent compared to the estimate in 2021. 
Recovery plan
Nguyễn Văn Nên, secretary of the city Party Committee, said the city would continue to support businesses and enforce pandemic prevention and control measures as part of its economic recovery plan for 2022.
The main tasks for 2022 should be to “adapt safely, and flexibly and effectively control the pandemic; improve the quality of urban government; support businesses; and improve the business climate,” Nên said.
The year-end meeting will review the socio-economic situation in 2021 and its economic recovery plan for 2022 and over the next five years.
It will discuss matters related to budget revenue, urban planning, support for preschool children, and public and non-public high schools.
It will also discuss support for the elderly who live alone and orphaned children due to the COVID-19 pandemic, and policies on improving the capacity of grassroots healthcare.         
The municipal People’s Committee will report on the urban administration government model and investment environment in 2021.
The event will also include a Q and A session on the effectiveness of state management in urban planning.
The city in early October lifted most of its lockdown measures. It has allowed many businesses to operate but with a limited number of people.
The meeting will run until December 9. — VNS 
Read original article here
Newer News
28/01 Bright prospects predicted in FDI attraction in 2022 and following years
26/01 Vietnam-US trade hits record high in 2021
23/01 Vietnam-US trade hits record high in 2021
20/01 Wood, furniture exports to US expected to hit 10 billion USD
18/01 More capital flows come to economic, industrial parks in 2021
14/01 EU remains highly potential importer of Vietnamese rice
14/01 VN's GDP to bounce back in 2022 at 5.5%: WB
14/01 Rubber exports recover strong growth in 2021
13/01 Southern key economic region receives large inflow of foreign investment in 2021
13/01 Vietnam’s economic growth forecast to rebound strongly in 2022
Older News
04/12 Vietnam’s agro-forestry-aquatic product exports to surpass goal
02/12 Vietnamese business urged to gear up for largest global trade deal
30/11 Vietnam’s export turnover projected to hit 535 billion USD by 2030
25/11 PM Chính meets with leaders of Japan's Parliament
24/11 Textile - garment industry may flourish in 2022: insiders
24/11 Vietnam - US trade likely to reach 100 billion USD this year
22/11 2021-2025 economic restructuring plan focuses on digital transformation
22/11 Import-export revenue forecast to hit new record in 2021: MoIT
18/11 Over 450 billion VND for Nhu Nguyet bridge on Hanoi-Bac Giang expressway
15/11 Vietnam's growth and recovery require strong public investment: economists
Newsletter Signup
Top Stories
Vietnamese banks expect to sell more shares to foreign investors in 2022
Vietnam-EU trade increases 14.8 percent in 2021
Authorities inject trillions of VNĐ to support economy
Domestic investors help to create records in securities market
Indices retreat, money flows in speculative stocks
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,478.96 +8.20/+0.56%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.