HCM City targets 6.5 percent growth for 2022

Ho Chi Minh City’s authorities have set an ambitious economic growth target for this year of 6-6.5 percent.
HCM City targets 6.5 percent growth for 2022 ảnh 1Phan Van Mai, Chairman of the HCM City People’s Committee, speaks at a conference on socio-economic goals for 2022.(Photo: VNA)
HCMCity (VNS/VNA) – Ho Chi Minh City’s authorities have set anambitious economic growth target for this year of 6-6.5 percent.

Speakingat a conference on socio-economic development in 2022 on January 8, Chairmanof the municipal People’s Committee Phan Van Mai said to achieve the goal itwas vital to sustain the current excellent COVID-19 prevention results.

Theoutbreak was basically contained at the end of September, according to Mai.

Thecity had given everyone aged 18 and above two doses of COVID vaccines andplanned to finish booster shots by the end of March as required by thehealth ministry.

“Thoughprolonged restrictions seriously affected the city’s businesses as wellas people’s lives, the economy had many bright spots.”

Itsrevenues exceeded the year’s target marginally to reach 381.53 trillion VND (16.81billion USD), and accounted for 25-27 percent of the country’s.

Itattracted more than 7.23 billion USD worth of foreign direct investment(FDI), a 38.48 percent increase from 2020, and remittancesrose 9 percent to an estimated 6.6 billion USD.

Itaimed to create 140,000 jobs this year and keep the unemployment rate at below4 percent.

“Toachieve the goals will be challenging since the pandemic remains unpredictablein the country and around the world, and the city has recorded cases of thesuper contagious Omicron variant.”

Thecity would continue to speed up digital transformation and the adoption ofinformation technology at all levels of government.

Itwould continue to support the business sector and improve theinvestment climate together with enforcing pandemic controlling measuresas part of its economic recovery plan for the year.

Themain tasks for 2022 should be to “adapt safely and flexibly andeffectively control the pandemic, improve governance,support businesses, and improve the business climate.”

Arecent survey by the American Chamber of Commerce in Vietnam (AmChamVietnam) found HCM City leading the country in economic reopening and recovery.

Almostall firms in the largest city have resumed operations, and are very optimisticabout the future, it said, attributing it to vaccination.

Labour demand bounce back

Withthe COVID-19 pandemic now under control in HCM City, businesses will need280,000-310,000 new workers this year, according to a report by the HCMCity Centre for Human Resource Forecast and Labour Information.

Demandis projected at 87,000 in the first quarter, 72,000 in the second, 74,000 inthe third, and 77,000 in the fourth.

Theservices sector is expected to have strong demand, accounting for nearly 66 percentof the overall hiring, with industry and construction accounting for the rest.

PhanKy Quan Triet, deputy director of the centre, said hiring would pick up due tothe strong business recovery.

Thelabour force in the city would rise to nearly five million this year, he said.

Butbusinesses need to offer greater benefits, a safe working environment andflexible working hours to get new workers and retain existing ones, he added.

NguyenVan Lam, Deputy Director of the city’s Department of Labour, Invalid and SocialAffairs, said all businesses have resumed operations after the city liftedrestrictions.

Theyhave been expanding their work forces to meet the surge in orders for the Tet (Lunar New Year) holidays, witharound 30,000 already hired, he said.

Businessesare expected to recruit another 70,000 – 75,000 employees after Tet, with skilled workers accounting for 30 percent./.
VNA

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