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HCMC recording solid growth

Released at: 11:56, 25/06/2015

HCMC recording solid growth

GDP up 8.55% in first half while CPI rises only slightly.

by Hoai An

The Ho Chi Minh City People’s Committee held a conference on June 24 to discuss its economic, cultural, social, and security and defense situation in the first half of 2015.

The city recorded high economic growth, with GDP reaching VND417 trillion ($19.4 billion), an increase of 8.55 per cent over the first half of last year and the highest rate for the last three years.

The service sector contributed the most to this growth, rising by 9.8 per cent, while industrial and construction sector recorded growth rate of 6.8 per cent. The agricultural sector, meanwhile, rose 6 per cent compared to the same period last year.

Source: HCM City People's Committee

Total retail sales of goods and services in June was estimated at VND55.7 trillion ($2.6 billion), 1.7 per cent higher than in May and an increase of 10.5 per cent against June 2014. Sales in the first six months were estimated at VND323 trillion ($15 billion), an increase of 10.9 per cent year-on-year.

The June CPI rose only slightly, by 0.3 per cent, against May, and 0.74 per cent compared to June 2014, but fell 0.39 per cent compared to December 2014. “These positive signs show the gradual growth of the domestic market,” Director of the City’s Department of Planning and Investment, Mr. Thai Van Re, said.

Investment also saw improved growth it the first half. The number of newly-registered businesses increased year-on-year while the number of dissolved enterprises fell. The number of foreign invested projects increasing their capital rose 4.2-fold year-on-year.

Chairman of the City’s People’s Committee, Mr. Le Hoang Quan, requested that over the second half local departments and agencies strengthen their relationships with local enterprises to address any difficulties, introduce the State’s mechanisms and policies, support enterprises to improve the city’s competitiveness, and promote technological innovation to improve productivity and product quality.

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