HCMC helps nation ward off recession: Party unit

The Ho Chi Minh City economy has posted continuous growth this year, helping the country ward off the recession, delegates said at a city Party Executive Committee meeting.

The Ho Chi Minh City People’s Committee office. The city’s economy is growing at an accelerated rate, helping the country ward of the recession that is plaguing the global economy.

Speaking at the meeting, which was held on December 4 to review the city’s socioeconomic performance in 2009 and discuss plans for 2010, People’s Committee members said the city has achieved 18 out of its 20 socioeconomic targets, including employment and poverty reduction.
The city economy is estimated to have grown 7.5-8 percent this year, thanks to an 8.9 percent growth posted by the services sector and 6 percent by industry-construction.
Growth has been accelerating in the last six months, rising to 10.3 percent in the last quarter, or nearly equal to the pre-crisis rate.
The People’s Committee suggested some key targets for 2010: 10 percent GDP growth, 12.9 percent export growth, 85 percent of households to be supplied fresh water, 120,000 new jobs to be created, unemployment to be reduced to below 5.1 percent, and poverty to below 7.2 percent.

By Tuan Son – Translated by Hoang Yen

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