Ho Chi Minh City posted an economic growth rate of 7.86 percent year-on-year in the first half of the year to 611.5 trillion (26.3 billion USD).
A corner of Ho Chi Minh City (Photo: VNA)
The figure was announced at a meeting of the municipal People’s Committee on July 19 to review thesocio-economic performance in the first six months and launch plans for the remaining months.
During the reviewed time, the service sector expanded 8.06 percent, industry and construction at 6.7 percent and agriculture at 6.01 percent.
Retail sales increased by 12.2 percent to558.5 trillion VND (23.99 billion USD).
Meanwhile, exports grew an estimated 9.2 percent to 19.6 billion USD.
Foreign direct investment was worth 3.21 billion USD, up 20 percent.
Up to 4.25 million international tourists visited the city, an increase of 10.9 percent,withrevenues from tourism topping73 trillion VND (3.13 billion USD).
Speaking at the meeting, Chairman of the People’s Committee Nguyen Thanh Phong said the citymust make greater effortsto achieve its target of 8.3-8.5 percent economic growth this year.
The city still faces many challenges such as illegal constructions; shortcomings in resolving cases related to land,site clearanceandcompensation; problemsrelated towaste management and environmental protection, Africanswine fever; and risingdrug crimes.
He called on the heads of government agencies and district leaders to focus on accomplishing eightmajor missions this year.
They include administrative reform, investment promotion, equitisation of State-owned enterprises, urban planning and management, clearing obstacles tospeed up the progress of key projects, science-technology-innovationdevelopment, international cooperation, and ensuring national defenceandsecurity and maintaining social orderand safety.
The city would continue two projects on developing logistics and e-commerce, he added.
Earlier at a meeting on July 17, the city has committed to develop a detailed plan to turn it into a regional and international financial hub after years of delay.
As an international financial hub, HCM City, which contributes 45 percent of the country’s GDP, would enhance socio-economic growth locally, nationally and regionally.
A feasibility report on the plan would be submitted to the People’s Council in October.
By June 2020, the city is expected to start building a financial centre complex in the Thu Thiem new urban area in district 2.
The city will also report to the Prime Minister by the end of the year on a special incentive policy for the project.
The city accounts for only 9.36 percent of the country's population and 0.6 percent of the country’s total area, but it contributes 14 percent of the country’s export value and 27 percent of State revenue. It also accounts for 14.1 percent of the country’s total foreign investment./.