HCM City speeds up disbursement of public funds to fuel growth The construction site of Thu Thiem 2 Bridge in HCM City Districts and sectors in HCM City have been requested to ensure at least 80 percent of this year’s public funds are disbursed by October 15 and to raise the rate to over 95 percent by year’s end, as the city has committed to the Government. At a meeting on the local socio-economic situation in the first half of 2020, Chairman of the municipal People’s Committee Nguyen Thanh Phong said the city recorded economic growth of just 2 percent in the period, as the service sector, which accounts for 60 percent of gross regional domestic product, was heavily affected by the COVID-19 outbreak. Growth was 7.86 percent in the same period last year. Though HCM City is home to up to half of all businesses nationwide, 90 percent of local firms are small- and medium-sized enterprises, which are more vulnerable to the pandemic’s impact. Identifying solutions for the second half, Phong told leaders of local departments, sectors, and districts to focus on disbursing public investment, which he said will stimulate overall economic demand, noting that strong disbursement will facilitate… Read full this story
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