HCM City (VNA) - Districtsand sectors in HCM City have been requested to ensure at least 80 percent ofthis year’s public funds are disbursed by October 15 and to raise the rate toover 95 percent by year’s end, as the city has committed to the Government.

At a meeting on the local socio-economicsituation in the first half of 2020, Chairman of the municipal People’sCommittee Nguyen Thanh Phong said the city recorded economic growth of just 2percent in the period, as the service sector, which accounts for 60 percent ofgross 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 allbusinesses nationwide, 90 percent of local firms are small- and medium-sizedenterprises, which are more vulnerable to the pandemic’s impact.

Identifying solutions for the second half, Phongtold leaders of local departments, sectors, and districts to focus ondisbursing public investment, which he said will stimulate overall economicdemand, noting that strong disbursement will facilitate growth.

The chairman also stressed that the city mustmanage to perform the dual tasks of preventing the return of COVID-19 andrecovering its economy, and directed authorities to strongly supportbusinesses.

In the first six months, total retail sales ofgoods and services reached 614.59 trillion VND (26.5 billion USD), down 3.7percent year-on-year. Accommodation, food, and travel service providers also sawrevenue decline.

Several indexes, however, still recorded positiveperformance, such as export turnover rising 5.8 percent year-on-year to about20.7 billion USD and banking activities posting slight growth, according toDirector of the municipal Planning and Investment Le Thi Huynh Mai./.