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Vietnam Business » Vietnam Economic News » HCM City Hits Record Economic Growth In Five Years

HCM City Hits Record Economic Growth In Five Years

This is the highest economic growth the city has reached since 2006, said Le Hoang Quan, Chairman of the municipal Peoples Committee, in a meeting to review the citys socio-economic situation in the first six months of this year.

Ho Chi Minh City, the countrys largest economic hub, posted an economic growth rate of 11 percent in this years first half, 4.6 percent higher than the same period last year, said a senior local official.

Of the GDP, the service sector accounts for 52.4 percent, up 10.8 percent year-on-year. Meanwhile, the industry and construction sector which also recorded an increase of 11.3 percent makes up 46.6 percent.

The performance is partly attributed to the citys efforts to stabilise prices of essential goods, develop trading centres and encourage local people to buy local products, the Chairman explained, adding that the citys total retail sales and service revenues made a sharp rise of 33.1 percent.

Remarkably, the state-owned economic sector in the city achieved a strong growth in comparison to the same period last year, Quan said.

Knowledge-based and high value-added industries such as manufacturing, electricity-electronics and production of rubber and plastic products registered growths of 31.2 percent, 21.5 percent and 14.5 percent respectively in the period.

Despite encouraging figures, the Chairman urged the citys agencies and branches to continue carrying out measures to stabilise the citys marco-economy, curb inflation and strive for an economic growth of more than 11 percent this year.

The measures include the promotion of production and export, economic restructuring and improvement of its investment environment and administrative procedures

Vietnam Business And Financial News Network. Source [stox.vn]

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