Chairman of Ho Chi Minh City’s People's Committee Phan Van Mai (Photo: vnexpress)

The COVID-19 pandemic has caused losses of 11.5 billion USD for HCMC since 2020. For the first time since Vietnam’s renewal period began, HCMC’s growth declined 6.78%.

But HCMC has developed a creative and dynamic economic recovery plan with 11 specific strategies. This plan has been aided by the government’s Resolution 128 on safe, flexible adaptation to COVID-19.

Thanks to its post-pandemic trade policies and its cooperation and direct meetings with enterprises, HCMC’s Gross Regional Domestic Product (GRDP), after shrinking 5.06% last year,  grew 1.88% in the first quarter of this year.

At a press conference to announce the socio-economic achievements of the past 7 months, Chairman of Ho Chi Minh City’s People's Committee Phan Van Mai said that the city’s social and economic activities have recovered quickly and comprehensively.

“Our GRDP in the first half of this year grew 3.82%, less than the national average, but for HCMC a great improvement,” said Mai.

Nearly a year after the pandemic, HCMC’s economy expanded 9.71% in 9 months of 2022, with the growth rate of industries and sectors roughly equal to the rate before the pandemic.

Imports and exports have grown steadily, and trade, services, and tourism have recovered strongly. HCMC saw more than 2.9 billion USD in FDI this year.

Secretary of HCMC’s Party Committee Nguyen Van Nen (Photo: tuoitre.vn)

Nguyen Van Nen, Secretary of the municipal Party Committee, said these achievements are the foundation for economic growth, social stability, and a higher standard of living, and will make it easier to complete the tasks set from this year until 2025.

“We pledge to make a great effort to uphold the tradition of resilience, courage, solidarity, dynamism, creativity, and the determination to make Ho Chi Minh City prosper and improve people's lives. We want Ho Chi Minh City to work for and with the whole country,” said Nen.

In a recent visit to HCMC, Party leader Nguyen Phu Trong applauded the achievements of the local Party organisation, administration, and people.

“Amid difficulties at home and abroad, the leadership of the Party and State, the Party Committee, and the government and people of Ho Chi Minh City has achieved many important results,” said Mr. Trong, adding “During this challenging period, the preeminence of our political system, Vietnamese will and strength, our tradition of patriotism, solidarity, and mutual affection, and the strong vitality of the nation and the people of HCMC and the southern provinces have, once again, prevailed.”

The current recovery of Ho Chi Minh City has been slowed by the large number of workers who went home to avoid the pandemic and have since found new jobs in their home region.

This is affecting urban restructuring, says Dr. Vo Tri Hao, adding, “Ho Chi Minh City needs to be a center of finance, science, and high tech. Low-tech industries like footwear and textiles should be done in satellite cities.”