HCM City remains upbeat about economic growth - HCM City remains upbeat about economic growth - Website Ho Chi Minh City
Ho Chi Minh City saw strong results in total retail sales and service revenues while successfully curbing its inflation rate in the first quarter, figures which are likely to trigger economic growth in the city over the next few months, said the municipal People’s Committee at a late March meeting.
According to municipal reports given at the meeting, the city’s gross domestic product (GDP) posted an 8 percent rise in the first quarter against the same period last year with 202 billion VND (9.4 billion USD).
Meanwhile, total retail sales and service revenues increased by 11.5 percent to 159.4 trillion VND (7.4 billion USD).
The city has carried out a number of programmes to tackle challenges for enterprises, said Thai Van Re, Director of the municipal Department of Planning and Investment.
He added that business loans for five prioritised groups—agricultural and rural development, export production, SMEs, support industry and hi-tech enterprises—reached 137.6 trillion VND (6.4 billion USD), up 0.86 percent from 2014.
The industrial production index expanded 5.6 percent year-on-year in the reviewed period.
The municipal budget also recorded positive figures; the city raked in 68.3 trillion VND (3.2 billion USD) during January, accounting for 25.7 percent of the total revenue estimate in the first quarter alone.
Le Hoang Quan, Chairman of the municipal People’s Committee, highlighted that in a bid to fulfill the yearly economic targets, the city will improve its investment climate while fostering economic restructuring, renewing economic models and enhancing growth quality.
Furthermore, the city will create linkages among banks, enterprises and farmers as well as facilitate capital access for enterprises.
The city is also making necessary preparations to support domestic enterprises ahead of the finalisation of the Trans-Pacific Partnership (TPP) agreement and the establishment of the ASEAN Economic Community (AEC).