Nguyen Thanh Phong, chairman of the HCM City People’s Committee, speaks at a meeting held on Tuesday to review the socio-economic performance in the first 10 months. — Photo courtesy of the HCM City Press Centre

Speaking at a meeting on Tuesday to review the socio-economic performance in the first 10 months, Nguyen Thanh Phong, said the city “has achieved remarkable results despite the difficulties caused by the pandemic.”

It would continue to focus on both containing the pandemic and reviving the economy, according to Phong. 

“The top priority will be to help businesses maintain production and avoid bankruptcy, and prevent workers from losing their jobs.”

The city would also help the business community speed up digital transformation to enable them to further penetrate global markets, he promised.

More than 33,400 new enterprises with total registered capital of more than VND769.55 trillion (US$33.2 billion) have been licensed in the first 10 months and more than 7,100 businesses have resumed operations, he said.

Pham Thi Hong Ha, director of the Department of Finance, said the city’s revenues topped VND290.7 trillion in the first 10 months, or 71.6 per cent of the full-year target of VND406 trillion. 

It now aims to reach more than VND344 trillion or 85 per cent of the target, she said. 

Domestic tourism stimulation 

Tourism and transportation have been the sectors most affected by the pandemic, according to Phong.

The number of international visitors to the city was only 1.3 million in the first 10 months, down 81.3 per cent from the same period last year. 

Revenues from tourism were VND66.144 trillion in the first 10 months, down 45.4 per cent year-on-year.

The number of passengers using rail is estimated at 786,192 in the first 10 months, down 54 per cent year-on-year.

The number of passengers using Tan Son Nhat International Airport was 16.12 million in the period, down 52.65 per cent year-on-year.

Phong has recommended that the tourism industry seek ways to stimulate domestic tourism demand since foreign tourists could not come.

“For instance, if a five-star hotel used to cost $400 per night, it should be lowered to $100 or even $70-80.” 

Le Thi Huynh Mai, director of the Department of Planning and Investment, said retail sales of increased by 9.9 per cent and exports by 5.5 per cent. 

The output of high-tech products was estimated at more than $16.2 billion, up 19.82 per cent.

Two key segments in the industrial production index that saw an increase were electronics and chemical-rubber-plastic.

The value of agriculture - forestry - fishery was estimated at VND10.465 trillion, up 2.62 per cent year on year.  

The city’s public spending was VND23.78 trillion as of the end of October, or 56.4 per cent of the money allocated by the government.  VNS

Businesses line up for further support

Continued facing with massive woes, the business community in Vietnam is in dire need of the government’s assistance for investors and enterprises to struggle through the global health crisis and grabbing new business

HCM City office market begins to feel COVID-19 impact

Ho Chi Minh City’s office market has started to feel the effects of the COVID-19 pandemic, with grade A buildings impacted more than grade B, experts have said.