"Fire tests gold, hardship tests strength."

This is a statement by the Chairman of the Ho Chi Minh City People's Committee, Nguyen Van Duoc, at the May socio-economic conference and the key priorities for June. This conference yielded positive results, with indicators continuing their upward trend in May, closing out the first five months of the year for Ho Chi Minh City's economic growth; while maintaining balance and adaptability in the face of global geopolitical and economic fluctuations and risks.

Specifically, total retail sales of goods and consumer service revenue in May were estimated at VND 113,364 billion, an increase of 19% compared to the same period last year, and in the first five months of the year, total retail sales of goods and consumer service revenue were estimated at VND 544,447 billion, an increase of 16.8% compared to the same period last year.

Exports are showing a rapid growth trend, with turnover reaching US$20.4 billion in the first five months, a 16.2% increase compared to the same period last year. Total foreign investment in the city in the first four months reached US$1,480.8 million, a 77.7% increase compared to the same period last year… This development aligns with previous assessments and predictions in April, with the service sector continuing to grow from the "wave" of the April 30th and May 1st holidays. The industrial and manufacturing sectors are growing but unstable, remaining in a "waiting-and-see" state. The currency, foreign exchange, and gold markets are fluctuating due to the influence of the global market, lacking stability. Two inherent weaknesses of the city – the disbursement of public investment and the investment and business environment – ​​continue to remain unimproved. The expansion of Ho Chi Minh City is a "window of opportunity," but it cannot immediately impact the socio -economic situation.

Furthermore, the sharp increase in foreign direct investment (FDI) reflects, on one hand , the government 's and city authorities' efforts to reform and attract investors; on the other hand, it shows the trend of manufacturing investors moving from China to Vietnam to begin a genuine production cycle, aiming to avoid US tariffs (rather than just "borrowing a route"). Along with this, FDI investors from other countries are focusing on trade and service projects, reflecting their assessment of the market and the middle class of Ho Chi Minh City and Vietnam. The consumer price index is trending upwards due to various reasons, therefore appropriate price stabilization and social welfare policies should be implemented in the coming months.

Preparing for the mid-year review means the city can view this as a time to accelerate, creating transformative changes and "boosts" through tangible results. This includes promptly delivering concrete products to society in three key areas: transportation infrastructure, improving the business environment, and absorbing investment capital (public and private). To achieve this, a "green channel" mechanism should be developed and implemented for key public, private, and FDI projects in Ho Chi Minh City, focusing on five key groups: large-scale public investment projects, key FDI projects, high-tech projects (including green transformation and digital transformation), social housing, and urban rail infrastructure.

To unify the will and course of action of the entire system, we should have a growth directive that clearly defines the key tasks and breakthrough solutions to promote economic growth, ensuring that Ho Chi Minh City's growth target of 8.5% or higher is achieved from 2025 onwards. At the same time, we should implement General Secretary To Lam 's directive to "establish mechanisms and policies to commission the private sector to participate in a number of key national projects and urgent tasks such as the construction of high-speed rail, urban rail, energy infrastructure, and digital infrastructure..." to jointly address the problems and challenges of Ho Chi Minh City, accompanied by an initiative to monitor the removal of obstacles and the improvement of the investment and business environment.

The plan aims to build a service growth chain by the end of 2025 through the initiative of implementing a series of Peace Festival activities starting from National Day 2025, in order to synchronously activate and sustainably maintain the attractiveness of services, consumption, tourism, and culture. From there, it will expand and link the new city's inter-regional structure, unifying not only culture and tourism but also many other fields, focusing on a plan to promote science and technology and innovation according to the "three-party" model, with the output being strategic technologies of the city linked to specific programs, projects, and implementation mechanisms from 2025-2026 onwards.

NGUYEN QUAN CAT

Source: https://www.sggp.org.vn/lua-thu-vang-gian-nan-thu-suc-post798025.html