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Vietnam Today

HCMC records highest growth in three years

Released at: 13:45, 25/09/2015

HCMC records highest growth in three years

Growth of 9.1% for first nine months of the year, to $28.9 billion.

by Hoai An

The Ho Chi Minh City People’s Committee reported to a meeting on September 24 discussing the socioeconomic situation in the first nine months of the year that the city’s GDP grew 9.1 per cent during the period, the highest increase in three years, to VND650 trillion ($28.9 billion).

Total retail sales of goods and services were about VND493.4 trillion ($21.9 billion), up 11 per cent over the same period last year, of which trade revenue was VND392.8 trillion ($17.5 billion), up 11.8 per cent year-on-year.

Export value in the first nine months saw a slight reduction, of 5.9 per cent compared to the same period last year, to VND22.4 billion ($1 million), which the People’s Committee put down to the tumbling crude oil price. Meanwhile, imports also stood at VND22.4 billion ($1 million), an increase by 9.8 per cent year-on-year, mainly in materials for consumer goods production.

State budget revenue and expenditure continued to show positive changes. Total State budget revenue reached VND200.9 trillion ($8.9 billion), reaching 75.59 per cent of the plan and representing an increase of 5.49 per cent against the same period last year. Total budget expenditures, meanwhile, was VND30.61 trillion ($1.4 billion), reaching 56.05 per cent of the plan but down 2.45 per cent year-on-year.

According to the Chairman of the City People's Committee, Mr. Le Hoang Quan, the high growth was the result of the implementation of effective solutions to improve the investment environment, control inflation, and remove difficulties for businesses in accessing capital. These contributed to boosting production and business activities and stabilized and facilitated socioeconomic development in the city.

Chairman Quan emphasized that over the remaining three months of the year the city will focus on economic stability, resolving problems, and supporting enterprises to develop their production and business. Other departments will continue to implement a number of measures to overcome difficulties and support enterprises to develop production and expand markets, in particular coordinating with the State Bank of Vietnam to address capital difficulties facing businesses.

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