HCMC achieves rapid growth, low inflation

HCMC achieves rapid growth, low inflation

The country's economic hub HCM City managed to achieve high economic growth and low inflation in the 2011–13 period, giving a "big lesson" in management and administration, according to a senior Party official.

Speaking at a meeting between the Party Central Committee's Economic Commission and HCM City People's Committee on Friday, the head of the commission, Vuong Dinh Hue, highly praised the achievement of HCM City, which has been most affected by the world markets.

After over 25 years of doi moi (renewal), HCM City has significantly contributed to the country's socio-economic development.

Its average annual growth in the period was 9.6 per cent, 1.7 times the national average.

While it was unable to hit the 2013 growth target, the city still managed 9.3 per cent growth. Its per capita income rose to US$4,513.

Its economic restructuring is on the right track, focusing on major industries and increasing value addition in the services sector.

"HCM City has brought inflation under control, with the average CPI growth in the period 2011 - 2013 rising by 9.6 per cent, only 75 per cent of the country's CPI growth rate," Hue said.

He urged the city authorities to focus on the targets set under Party resolutions, especially those pertaining to rapid and sustainable growth, turning into an economic, financial, cultural, medical, educational, scientific, and technological hub that will spearhead the country's socio-economic development.

Nguyen Van Dua, deputy secretary of the city Party Committee, said the city had set an economic growth target of 9.5-10 per cent for this year.

To achieve this, the city would take measures like stabilising the economy, reviving production and business, improving growth quality, restructuring and changing the growth model, and developing infrastructure, he added.

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