Ho Chi Minh City’s macro-economic report published

A report on the macro-economic situation of Ho Chi Minh City in 2023, which also gives forecasts related to the southern hub’s economic growth in 2024, was launched at a seminar held by the University of Economics Ho Chi Minh City (UEH) and the municipal Statistics Office on January 4.
HCM City’s macro-economic report published
Director of the municipal Statistics Office Nguyen Khac Hoang speaks at the event (Source: VNA)

The report aims to provide an overview of the city’s economy in 2023, forecast its economic growth prospects in 2024, and suggest policy recommendations for the municipal authorities.

Prof. Dr. Nguyen Dong Phong, Chairman of the UEH University Council, said that the report will be a useful tool serving policy-making related to socio-economic development in the southern largest economic hub.

It will also serve as a crucial reference for domestic and foreign investors and enterprises, helping them to build investment orientations and business development strategies in HCM City, he added.

Director of the municipal Statistics Office Nguyen Khac Hoang said that the report was expected to meet the requirements of supporting state management and statistics, and propose policy mechanisms for socio-economic development in the city.

According to the report, HCM City and the country in general faced difficulties and challenges in exports in 2023 as the export growth remained quite modest in large export markets such as the US, Europe and China.

However, the government is making efforts to address bad debts and increase the liquidity of the banking system to stimulate credit flows into key sectors, thus promoting the recovery of aggregate demand in HCM City and Vietnam.

In addition, with the determination to speed up public investment disbursement in HCM City and Vietnam in general, the city's economy is expected to rise steadily in 2024, especially in the second half, the report said.

It suggests promoting consumer spending, asset accumulation in households and businesses, and expanding exports to potential markets such as Japan, the Republic of Korea and India.

HCM City should focus on developing hi-tech industries and banking and financial services, and managing and stably developing its real estate market, the report noted.

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(Source: VNA)