Ho Chi Minh City Affirms Its Leading Position
In the latest economic report, positive signs were recorded in Ho Chi Minh City in the last months of 2022 and are expected to maintain in 2023 despite of challenges.
Economic Growth Over Targets Of 9%
Impressive figures of the city’s economy in 2022
According to a report by the Statistics Office, the city’s gross regional domestic product (GRDP) increased by 9.03% over the same period in 2021, bringing a brighter expectation for the economic picture in 2023.
In which, the trade and service industry accounts for the majority of the city’s growth rate. It can be seen that, since Vietnam completely opened to tourism in May 2022, many foreign tourists come to Ho Chi Minh City, helping products and services to be impressively consumed.
In addition, the total retail sales of consumer goods and services also reached USD 12.16 billion as of the fourth quarter of 2022. However, due to “tightening the belt” after the epidemic breakout, the comsumption for Tet is still not as bustling as it was before.
Long-term Goals Reaching Continental Level
On December 30, 2022, the Politburo signed the direction and tasks of Ho Chi Minh City development to 2030, with a vision to 2045.
In which, TARGET BY 2030, Ho Chi Minh City will become a “civilized, modern, loving, dynamic, creative city with high-quality human resources” outstanding in Southeast Asia with the following criteria as follows:
- The average growth of the city needs to reach 8-8.5% per year
- GRDP per capita is about USD 14,500
- Digital economy contributes 40% to GRDP
BY 2045, Ho Chi Minh City will become a developed, economic, financial and service center of Asia, the growth pole of the whole country and the core city of the Southeast. This will be a place to attract investment and human resources from international economic and financial groups, and an attractive destination on the world map.
In which, Thu Duc City completed the construction of a modern urban area, promoting the socio-economic development of Ho Chi Minh City.
In addition, the model of urban development connected to public transport (TOD) is focused in the future city planning, starting with the activation of Metro Line 1.
A Metro Line 1 station seen from above
The model of welcoming metro stations like THE ALPHA RESIDENCE – located next to the Long Binh Depot of Metro Line 1 will be extended in the future.
Currently, this project is an attractive spot for investors.
The Alpha Residence’s invetory from the investor is ONLY 02 UNITS LEFT for 3-bedroom apartments – 93.45sqm – From $340,000 – Peaceful view of internal swimming pool and central square proves the great demand for housing in area near Metro line.
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Although 2023 is considered a challenging period for Vietnam economy in general and Ho Chi Minh City in particular, the new issue is considered to be a guideline and a timely solution for the city to elevate advantages and overcome the problems. Overcoming the upcoming challenges, Ho Chi Minh City will strengthen its leading position to help the country integrate with the world.
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