Ho Chi Minh City’s economy on steady growth track

Wednesday, 2017-09-06 04:31:50
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A corner of Ho Chi Minh City. (Credit: VNA)
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NDO/VNA – Ho Chi Minh City’s economy continued its steady growth in the first eight months this year, said the municipal authorities during a working session reviewing the city’s performance in the period on September 5.

Speaking at the event, Director of the municipal Department of Planning and Investment Su Ngoc Anh said that the total retail value rose 10.3% annually to surpass VND599.1 trillion (US$26 billion) during the period. The total export is estimated at US$22.8 billion, up 13.6% while the industrial production index increased by 7.31%.

Four key industries, namely mechanical engineering, electronics, chemicals – rubber – plastics, and food processing, continued expanding their markets. Investment in advanced equipment to improve quality and competitiveness surged 11.8% annually.

Since the beginning of this year, the city has granted licences to 26,614 new firms with a total registered capital of over VND358.89 trillion, marking 13.1% and 82.9% increases in the number of businesses and registered capital, respectively.

Up to 1,171 business households have switched their status to businesses. Meanwhile, the total foreign direct investment attraction hit US$3.23 billion, representing a 1.57-fold increase annually.

Anh attributed the growth to the city’s support in delivering innovation, improving the business climate and refining start-up ecology. Meanwhile, the city has also facilitated technological transfer in agriculture to produce safe and high quality farm produce.

The total agro-forestry-fisheries value was estimated at over VND7.63 trillion, up 6.5% on a yearly basis.

Director of the municipal Department of Finance Phan Thi Thang said that the city collected in excess of VND224 trillion to the State budget, or 64.39% of the estimate and up 11.47% from the same period last year. The total spending stood at VND33.58 trillion, or 47.54% of the estimate and up 20.64%.

Chairman of the municipal People’s Committee Nguyen Thanh Phong took the occasion to request that the agencies concerned continue perfecting start-up ecology, encouraging innovation and improving the business climate.