HCM City economy grows 7.47%

HCM City’s economy grew at 7.47 per cent in the first half compared with 7.2 per cent in the same period last year. — Photo thoibaokinhdoanh.vn

HCM CITY – HCM City’s economy grew at 7.47 per cent in the first half compared with 7.2 per cent in the same period last year, a meeting to review the socio-economy heard.

The value of its gross regional domestic product rose to around US$21.4 billion.

Exports in the period rose 8 per cent year-on-year to $14.8 billion.

The inflation rate, available only for the first five months, was 0.86 per cent.

Tax revenues rose 8 per cent to VNĐ143.9 trillion ($6.5 billion), roughly half the full-year target.

Domestic collections were up 18 per cent while tariffs from trade rose 5.7 per cent, according to a report by the Department of Planning and Investment.  

The growth was attributed to an increase in industrial production.

Agricultural output grew by 5.9 per cent to VNĐ8.2 trillion.      

The chairman of the city People’s Committee, Nguyễn Thành Phong, who chaired the review meeting, said despite the positive signs, he was not satisfied and expected better performance.

He urged officials to create favourable condition for the private sector to expand and for the Department of Industry and Trade to strengthen the domestic retail sector amid a wave of investment by foreign retailers.

The administration also wants relevant sectors and local authorities to help domestic firms draw up development strategies and step up trade promotion.