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%-8% next year.

The city also plans to ensure labour productivity growth of 7% and maintain the proportion of services in its economic structure at above 60%.

It targets to disburse 95% of approved public investment capital and spend on average 1% of its GDP on science and technology.

The southern largest economic hub also set a target to welcome 4.5-5 million foreign visitors and generate tourism revenue of 120 trillion VND (5 billion USD) next year.

To fulfill such targets, the city will continue stepping up administrative reforms, 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 particular, the city will focus on addressing inadequacies, and violations, and settle complaints related to compensation, support, and resettlement for Thu Thiem New Urban Area.

HCM City's export turnover reached 49.5 billion USD in 2022, up 10.3% year-on-year.

HCM City will call for more investment and mobilise resources to complete the construction of the new urban area, making it a modern area, a regional financial hub, and a highly interactive and creative urban area in the eastern region.

In 2022, the city’s economy is expected to grow by 9.03%, surpassing the set target of 6-6.5%. The city’s revenue is estimated at 457.5 trillion VND (19.4 billion USD).

Total tourism revenue has reached about 120 trillion VND, marking a year-on-year increase of 171.2%. The city has received 3.5 million foreign visitors so far this year./.