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Vietnam Today

HCMC's economy in good shape

Released at: 15:44, 27/11/2015

HCMC's economy in good shape

People's Committee report notes growth in most sectors and confidence in business community.

by Quynh Nguyen - Kim Oanh

Ho Chi Minh City’s economy continues to grow in most sectors, in particular services, industry, and agriculture. The reform of administrative procedures and improvements to the investment environment are having the desired effect and contributing to supporting and strengthening the confidence of businesses and investors over the potential for economic development the city possesses.

This is noted in a Ho Chi Minh City People’s Committee report on socio-economic in November and the first eleven months of the year. Services, local trade, and export and import continued to grow strongly, with the total retail value of goods and services also increasing year-on-year.

According to Mr. Su Ngoc Anh, Director of the Ho Chi Minh City Department of Planning and Investment, the total retail value of goods and services in November was estimated at VND60.9 trillion ($2.67 billion), up 8.9 per cent over November 2014. In the first eleven months of the year it was estimated at VND611.5 trillion ($26.9 billion), an increase of 10.5 per cent year-on-year.

Export turnover in November was put at $2.4 billion, 13.8 per cent higher than last November, for a year-to-date figure of $27.7 billion, down 3 per cent compared with the same period last year, primarily because of declining crude oil prices.

The solid implementation of market management and market stabilization programs were reflected in the city’s CPI, which was 0.1 per cent in November against October and down 0.45 per cent against November 2014. Average CPI over the eleven-month period increased 0.27 per cent year-on-year.

The industrial development index also rose, by 7.7 per cent year-on-year in the first eleven months. The industrial structure continues to shift towards increasing the proportion of manufacturing and processing while mining is falling. Four key industries (mechanical manufacture, electronics, plastics and chemicals, and food processing) increased 8.1 per cent year-on-year; higher than the average growth in the sector as a whole.

In domestic investment, as at November 20 there were 28,748 enterprises registered with total investment capital of VND183.1 trillion ($8 billion), up 27.8 per cent in number and 40.4 per cent in capital year-on-year. Meanwhile, 2,131 enterprises completed procedures for dissolution, equal to 7.4 per cent of newly-established enterprises and down 12 per cent compared with the same period of last year.

In foreign investment, meanwhile, there were 517 new projects granted investment licenses with total capital of $2.49 billion, up 39.7 per cent and down 10.7 per cent, respectively, year-on-year.

There were also 141 projects that increased their capital, up 95.7 per cent over the same period of last year. Total investment therefore stood at $3.2 billion, up 1.7 per cent year-on-year.

For December, one of the main tasks of the city is to prepare raw material production so it meets the needs of people for the Tet holidays. The city also aims to strengthen management and inspection activities and improve credit quality, ensuring capital supply for the economy. 

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