The 11th Party Congress of Ho Chi Minh City for the 2020-2025 tenure on October 17 agreed to adjust down a number of development targets set for the 2020-2025 period.
Vice Secretary of the municipal Party Committee and Chairman of the municipal People’s Committee Nguyen Thanh Phong (Photo: VNA)
HCM City (VNA) – The 11th Party Congress of Ho Chi Minh City for the 2020-2025 tenure on October 17agreed to adjust down a number of development targets set for the 2020-2025 period.
Accordingly, the annual GRDPgrowth rate targeted for 2020-2025 is revised down to 8 percent from theinitially projected 8 – 8.5 percent, while the per capita GRDP would be 8,500USD per year instead of between 8,500 – 9,000 USD.
The adjustment of the projectedper capita GRDP in the 2020-2025 period will also affect the next period, sothe corresponding target for 2030 will be revised to 13,000 USD per year and37,000 USD by 2045. The goals set in the draft document were 13,000-14,000 USDby 2030 and 40,000 USD by 2045.
Explaining the adjustment, ViceSecretary of the municipal Party Committee and Chairman of the municipal People’sCommittee Nguyen Thanh Phong said the complicated development of the COVID-19pandemic has affected all aspects of socio-economic life in Vietnam and theworld as a whole. He noted that many international financial institutionsforecast that the negative impacts of the pandemic will continue until the endof 2021, thus affecting investment resources, particularly private and foreignsources for the city’s development.
The congress adopted theadjustments with 100 percent of votes./.
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During the negotiations, the US highly evaluated Vietnam’s goodwill and efforts, affirmed its appreciation for the bilateral relationship, acknowledged Vietnam’s proposals and concerns, and considered these an important basis for continuing discussions and moving towards a final agreement.
The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures.
Vice Secretary of the municipal Party Committee and Chairman of the municipal People’s Committee Nguyen Thanh Phong (Photo: VNA) 
