HCM City’s economy continues strong recovery momentum

Ho Chi Minh City’s economy has seen a steady revival and is on course to return to pre-COVID levels, Chairman of the municipal People’s Committee Phan Van Mai said on June 29.

Speaking at a meeting on the city’s socio-economic situation in the first half of the year, he noted that the administration had made great efforts to help businesses access funds for their recovery and provided significant policy support to ensure socio-economic activities proceeded smoothly.

Administrative procedures remain the biggest obstacle to capital disbursement, hindering capital flows into production and trade activities and the creation of new jobs, he said.

Mai called on authorities in Thu Duc city and the city’s districts and government agencies to focus on smoothing administrative procedures to speed up economic recovery and growth.

Director of the Department of Planning and Investment Le Thi Huynh Mai said the Government’s policies to support businesses impacted by the pandemic had brought positive results, prompting economic recovery in the city and full resumption of socio-economic activities.

But the disbursement of public investment capital was well below targets and the city’s ranking in the Public Administration Reform Index dropped to 43 from 23 in 2020.

In the first six months of the year, the city’s gross regional domestic product (GRDP) exceeded VND728.7 trillion (US$31.32 billion), a year-on-year increase of 3.82% after precipitous drops of 24.97% and 11.64% in the third and fourth quarters of last year.

Its Index of Industrial Production rose by 3.1% year-on-year, with the four main sectors, food processing, pharmaceuticals- chemicals-rubber-plastic, mechanical engineering, and electronics expanding by 7.1%.

Retail sales of goods and services surpassed VND556.4 trillion (US$23.91 billion), an increase of 6.2%. The city’s exports grew by 13.8% to US$24.9 billion and imports rose by 13.7% to US$34.2 billion.

Revenues from tourism are estimated at VND10.1 trillion (US$434.27 million), a year-on-year increase of 233%.

The number of domestic visitors to the city jumped by 43% to more than 11 million while international tourism resumed and nearly 478,000 visitors came.

The city’s revenues are estimated at VND238.6 trillion (US$10.25 billion), or 61.74% of the full-year target and up 17.49% year-on-year.

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Ho Chi Minh City enjoys strong economic recovery
Ho Chi Minh City enjoys strong economic recovery

VOV.VN - Ho Chi Minh City, the largest economic hub in southern Vietnam, has enjoyed socio-economic recovery and development with strong growth in terms of both production and business activities.

Ho Chi Minh City enjoys strong economic recovery

Ho Chi Minh City enjoys strong economic recovery

VOV.VN - Ho Chi Minh City, the largest economic hub in southern Vietnam, has enjoyed socio-economic recovery and development with strong growth in terms of both production and business activities.