HCM CITY — HCM City needs an economic growth of 13.23 per cent in the fourth quarter to meet its 10.2 per cent target for 2026, putting pressure on the city to speed up investment, clear stalled projects and boost business activity.

The city’s gross regional domestic product (GRDP) grew 9.06 per cent in the first nine months of the year, its strongest performance in more than a decade. But growth must accelerate sharply in the final three months to meet the annual target.

Speaking at a meeting on Thursday to review socio-economic performance in the first nine months and set tasks for the rest of the year, Nguyễn Văn Được, chairman of the People’s Committee, outlined four priorities for the final quarter.

They include increasing budget revenue, speeding up public investment disbursement, removing obstacles facing projects and urging businesses with major projects to accelerate implementation.

Revenue collection must accelerate

HCM City aims to collect VNĐ1 quadrillion (US$38.5 billion) in State budget revenue this year.

Collections reached VNĐ676.9 trillion in the first nine months, equal to 84.2 per cent of the estimate assigned by the central Government but about 67 per cent of the city’s full-year target, according to figures presented at the meeting.

The city will need to collect more revenue in the final quarter to meet its target.

Authorities are also seeking to mobilise resources for infrastructure and other economic activities.

The city accounts for 23.4 per cent of Việt Nam’s gross domestic product and about 30 per cent of national budget revenue, making its performance important to the wider economy.

Public investment needs to speed up

Public investment disbursement reached about VNĐ111.5 trillion after nine months, or 75.5 per cent of the annual plan, according to figures presented at the meeting.

Authorities want to speed up spending in the final quarter to meet the annual disbursement target. Faster implementation could support construction, infrastructure development and demand across the economy.

Foreign investment has also been strong. HCM City attracted US$17.8 billion in foreign investment in the first nine months, accounting for about 30 per cent of the national total, Được said.

However, investment commitments alone do not guarantee growth. Funds must be disbursed and projects completed for them to generate construction activity, production and jobs.

Clearing stalled projects

The city has identified nearly 1,340 projects, construction works and land sites facing obstacles that need to be addressed.

As of the end of September, authorities had resolved problems affecting 669 of them, or half the total, according to figures reported at the meeting. Work is continuing on the remaining projects.

Legal and administrative problems, including issues involving land and project procedures, can delay construction and prevent investment from contributing to economic growth. Resolving these problems could allow more projects to move forward. Their contribution to growth, however, will depend on how quickly work can resume and operations begin.

Major businesses urged to ramp up production

The city is also urging businesses with major projects to speed up implementation and fulfil their investment commitments.

Authorities have pledged to work with investors to resolve difficulties and help projects proceed. The aim is to turn planned investment into actual economic activity in the final quarter.

Despite stronger growth in the first nine months, businesses will need to expand production and deliver projects on schedule to help the city meet its annual target. — VNS