HCMC economy recovering, says Party leader

The Ho Chi Minh City economy is rebounding but the administration will continue with stimulus measures to boost industrial production, trade, and exports, the city Party Committee Secretary, Le Thanh Hai, has said. 

HCMC Party Committee Secretary Le Thanh Hai (1st L) meets delegates at the 17th conference of the Party Committee which ended October 14 (Photo: SGGP)

Speaking at the 17th conference of the city's Party Executive Committee, which ended October 14, Mr. Hai said many sectors are gradually recovering after being affected by the global financial crisis and economic recession.

Economic growth in the third quarter shot up to 8.5 percent, pushing growth for the year up to 6.1 percent, he said.

However, manufacturing and export growth have yet to reach the rates achieved in previous years while budget revenues declined, he said.

The city aims to achieve a GDP growth of about 7.5 percent for the whole 2009, and to make it come true, the growth in the last three months will have to reach 10.3 percent, the meeting was told.
To this end, the city will strengthen economic management, remove obstacles to industrial production and exports, step up investment, and continue carrying out measures to improve social security in the rest of the year, Mr. Hai said.

Businesses would be exhorted to cut prices of goods to increase consumer spending, he said.

He ordered city agencies to speed up administrative reform, initiate measures to attract foreign and domestic investment, and speed up construction works meant to combat flooding.

He advised the People’s Committee to improve infrastructure, including traffic, address pollution issues, and speed up construction of dormitories for workers and houses for people relocated to carry out public works.

Source: SGGP, Tuoi Tre – Translated by Truc Thinh

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