HCM City economy grows 11.2 percent in nine months

The Ho Chi Minh City’s economic growth is estimated to reach nearly VND305 trillion (US$16 billion) in the first nine months of the year, up 11.2 percent over the same period last year, said director of the city Department of Investment and Planning Thai Van Re on September 24.

Of the economic growth, service sector sees most increase of 54 percent, followed by industry and construction with 46 percent.

Mr. Re was speaking at meeting chaired by the city People’s Committee Le Hoang Quan to review the socioeconomic condition in the first three quarters and discuss key tasks for the final quarter of the year.

Besides achievements, the city leaders admitted a high risk of inflation as the world’s economy recovery has led to a price insurgence of several commodities.

Additionally, they also confessed the sluggish progress of traffic projects such as upgrading 25B Highway and Do Bridge, and construction of a highway running from Tan Son Nhat Airport through Binh Loi Road to the outer belt road.

The traffic gridlock has yet been improved, the environment and water pollution have yet been thoroughly handled and procedures for wastewater treatment and basic infrastructure projects still present difficulties and complication.

One of the causes for the project’s sluggish progress is from weak capacity of investors and consultant, supervisory and executing units, according to Mr. Nguyen Thanh Tai, standing deputy chairman of the city People\'s Committee.

Notably, though it is in mid rainy season, the power shortage still occurs, affecting residents’ life and businesses’ production.

The city leaders have given some instructions for the rest quarter of the year.

According to the city deputy chairwoman Nguyen Thi Hong, relevant authorities should strengthen monitoring prices at markets and retail places as it has been time to prepare goods for the next Tet (Lunar New Year).

They should prevent a scarcity of goods and sales of low quality commodities, and well carry out the city’s ongoing stable price program, she said.

Meanwhile, the city chairman Le Hoang Quan instructed relevant sides to hasten the progress of construction and capital release of projects invested by the state budget, with priority to which expected to complete this year and the following year.

He also ordered a stopover to ineffective projects.

Authorities should care about and give assistance to households having evacuated for the projects’ site clearance, he added.