HCM City maintains stable economic growth
Socio-economic development in Ho Chi Minh City in the past nine months continues to progress across fields, as reported at a regular conference in the southern hub on September 24.
According to the municipal People’s Committee, the gross domestic product (GDP) was estimated at nearly VND650 trillion (US$28.6 billion), an annual rise of 9.1 %.
Services accounted for 59.7 % of GDP (up 10.3 %) while industry and construction made up 39.9 % (up 7.5 %) and agriculture 1 % (up 5.9 %).
Retail and service revenue totalled more than VND493 trillion (US$21.7 billion), an annual rise of 11 %, and export turnover reached over US$22.4 billion, down 5.9 % over the same period last year due to the dwindling value of crude oil.
Exports to major markets such as the US, Japan, the EU, Australia, Singapore, and Russia have expanded, reducing dependence on China.
Since the beginning of this year, the city has welcomed 3.2 million international tourist arrivals, an annual rise of 5 % and fulfilling 68 % of the yearly target. The sector grossed over VND69 trillion (US$3.03 billion) in revenue, up 6 % yearly.
The industry recorded 11.85 % annual growth thanks to the expanded industrial production scale and the move to increase the proportion of processing and manufacturing industry while reducing the ratio of mining industry.
As of September 21, local authorities had granted new investment licenses to 404 projects worth US$2.36 billion, up 29.9 % in the number of projects and 2.1 times in terms of capital.
Additionally, 108 existing projects increased their investment capital to US$640.7 million.
According to the municipal Department of Finance, the city collected over VND200 trillion (US$8.8 billion) to the State budget, up 5.49 % over the same period last year.
Chairman of the municipal People’s Committee Le Hoang Quan attributed the outcomes to the effective implementation of measures to improve the local business climate, curb inflation and overcome capital obstacles for enterprises.
He underlined stable economic development as a top priority for the city in the remaining months of this year.
He called on relevant departments and sectors to work closely with the State Bank of Vietnam (SBV) to help businesses develop operations and expand markets, while prioritising infrastructure, inundation prevention and clean water supply projects.
The city will also concentrate on expediting planning, environmental protection and climate change adaptation projects while more effectively implementing social welfare policies, he noted.