Can Tho Chairman: Double-digit growth is a legal target

TPO - The leaders of Can Tho City People's Committee acknowledged that achieving double-digit growth this year is very difficult, but this is a legal target so it must be maintained and not changed. Although it is difficult, we must try and make great efforts in each field to contribute to the overall growth of the city.

This was the directive of Mr. Truong Canh Tuyen, Chairman of the People's Committee of Can Tho City, at a meeting on economic growth scenarios for the fourth quarter and the whole year, held on the morning of October 16th.

Can Tho discusses solutions to achieve double-digit growth this year, despite knowing many difficulties.

Mr. Vo Nhut Quang, Deputy Director of the Can Tho Department of Finance, said that the city's economic growth in the third quarter reached over 7.2%, while the previous scenario projected a growth rate of over 11%. For the first nine months of the year, Can Tho City's growth reached nearly 7.4%, compared to a projected rate of over 9%.

Mr. Quang stated that the GRDP growth rate for the first nine months was lower than projected, as sectors with a large contribution to the overall economy grew less than expected, particularly the industrial-construction and service sectors. While the agricultural sector exceeded its targets, its contribution in terms of added value was small. Several other indicators impacting growth, such as public investment disbursement, budget revenue, credit, total retail sales of goods and consumer services, and exports, did not meet targets. Private investment growth was not as expected, and attracting non-budgetary investment and FDI remained limited (only one new FDI project was approved).

To ensure double-digit economic growth in 2025 as projected (10.02%), Can Tho's Q4 growth must exceed 17%. Total investment in the area needs an additional 24,245 billion VND. Public investment disbursement needs an additional 18,500 billion VND to reach 100% of the planned capital. Budget revenue needs an additional 10,586 billion VND to achieve the target of a 20% increase compared to the projected figure…

Mr. Truong Canh Tuyen, Chairman of the People's Committee of Can Tho City, acknowledged the responsibility of the departments and agencies for the solutions implemented in the past period. However, given the growth rate of the past nine months, achieving double-digit growth for the whole year will be very difficult. Achieving growth of over 17% in the fourth quarter to ensure the double-digit target for the whole year will be very challenging.

Can Tho City leaders are focusing their efforts on achieving the remaining two scenarios. Specifically, if Q4 growth exceeds 12.7%, the annual growth will reach 8.8%; if growth is only slightly over 10.2%, the annual growth will exceed 8%.

Nevertheless, Mr. Tuyen noted that the double-digit growth scenario, approved by the Standing Committee of the City Party Committee and the City People's Council, is a mandated target and therefore cannot be changed. Although acknowledging the difficulties, great effort must be made in each sector to contribute to the city's overall growth.

Chairman Truong Canh Tuyen delivered a speech at the meeting.

In agreement with relevant departments on specific solutions, Mr. Tuyen also noted issues in each economic sector. Regarding agriculture, attention should be paid to high-tech agricultural models, the circular economy, the project to cultivate 1 million hectares of high-quality rice, and seafood exports…

In the industrial and construction sector, it is necessary to expedite the progress of major projects such as the O Mon thermal power plant, the Lot B gas plant, the Long Phu thermal power plant, and real estate and social housing projects.

“Promoting public investment and boosting consumption are driving forces for growth. Many projects and works are still in disarray and need to be carefully selected to contribute to the city's overall growth. Close coordination and proactive consultation are necessary to overcome difficulties… Achieving 100% disbursement of public investment capital will be difficult, but we must strive to achieve the maximum possible,” Mr. Tuyen requested.

To contribute to growth, the Can Tho Department of Finance proposes ensuring construction progress and disbursement according to plan, and resolving all remaining difficulties and obstacles in key projects by October-November 2025, such as expressways, the expansion of National Highway 91 (Km0-km7), the Western Ring Road, key intersections, and the Oncology Hospital. Focus on urging and strengthening inspection and supervision of projects with capital of 50 billion VND or more to promptly address difficulties and accelerate the completion of disbursement tasks in 2025. Address difficulties to ensure that non-budgetary projects become operational soon.

Source: https://tienphong.vn/chu-tich-can-tho-tang-truong-2-con-so-la-chi-tieu-phap-lenh-post1787662.tpo