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| City chair says will strive for 12pct GDP growth |
| 30-JUL-2010 Intellasia | The Saigon Times Daily |
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| 30 Jul, 2010 - 7:00:00 AM |
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The top leader of HCM City said on Monday the city would in the rest of the year accelerate manufacturing as the decisive factor to attain economic growth of 12 percent, a high target he said is obtainable with greater efforts.
Le Hoang Quan told a meeting at the City Hall that if the city managed a 14 percent growth rate in manufacturing in 2010, the city's gross domestic product growth would be 12 percent. In the first seven months, manufacturing – comprized of industrial production and construction – recorded a robust 13.7 percent growth rate to 323 trillion dong in value (US$17 billion), the chair said.
Quan emphasized that the city as the locomotive of the national economy played an important role in pulling up the national GDP to the targeted 6.5 percent if itself could realise the high target of 12 percent. The city's economy is roughly one-third the size of the national economy.
"If the city strives for a 14 percent increase in industrial production value this year, then we could definitely attain total GDP growth of over 12 percent, and this also helps realise the national GDP growth of 6.5 percent this year," he said.
The city chair asked related departments, agencies, and economic corporations in the city to bolster production activities of all economic sectors for higher GDP growth this year. Quan also asked banks to make access to credits easier for local enterprises so that they can maintain and expand production in the rest of the year.
According to the city's Department of Industry and Trade, industrial production has witnessed strong growth in the past seven months, and is poised to grow steadily in the rest of the year owing to stable export markets, stable power supply as well as available material sources at almost local industrial producers. Therefore, the department predicted the city would possibly attain a higher growth rate in industrial production in the near future.
City chair Le Hoang Quan said the city would face more challenges and pressure in 2011 as the central government had assigned the city to collect as much as VND185.5 trillion for the State coffer (excluding revenue from crude oil), increasing by 40 percent compared to the collected budget in 2010.
For long-term development, Quan also said the city had set a target for reaching an average GDP growth rate of 11-12 percent a year in the coming period of 2011 – 2015, which will be equivalent to the average growth in the 2006-2010 period.
As observed by the Daily at the meeting, almost all key economic groups of the city registered very high growth in the January-July period.
Some of the strong performers are Saigon Agriculture Inc., Saigon Trading Group, Ben Thanh Group, Saigontourist Holding Company, Saigon Transportation Mechanical Corporation and others.
Nguyen Huu Tho, general director of Saigontourist, said his corporation had in the year to date attained a turnover of 5.7 trillion dong and a profit at over 1.6 trillion dong. Saigontourist is expected to realise 9.2 trillion dong in revenue for the whole year, or a year-on-year improvement of 15 percent, while its profit is expected at 2.7 trillion dong, Tho said.
By comparison, the whole tourism sector of the city during January-July attained total turnover of 8.2 trillion dong, increasing 24.3 percent on the year-ago period.
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