HCMC ECONOMY GROWS 7.07% IN JAN-SEPT

High-rise buildings are seen in HCMC - PHOTOl N.K.

HCMC – HCMC’s economy expanded 7.07% in the first nine months of this year, showing signs of steady recovery, according to the city’s Statistics Office.

The city’s gross regional domestic product (GRDP) rose 8.11% year-on-year in the third quarter, 0.87 percentage point higher than in the second quarter. The growth trend contrasts with earlier forecasts from international institutions, which said there would be a slowdown in the second half due to external risks.

The services sector remained the main growth driver, soaring 8.59% and accounting for 51.6% of the city’s economy. Retail sales from consumer goods and services amounted to over VND1.4 quadrillion, up 15.3% from a year earlier.

Industry and construction jumped 7.74% in the third quarter. For the nine months, industrial output increased 5.07%, while construction rose 8.57%. The industrial production index climbed 6.9%, with manufacturing as the key contributor. About 77.6% of manufacturers said business conditions improved in the third quarter compared with the previous one.

Public investment disbursement exceeded VND59.6 trillion, equivalent to nearly half of the full-year plan assigned by the prime minister.

As of September 20, the city recorded more than 41,000 new businesses with total registered capital of VND255.6 trillion, down 11% in number and 31.7% in capital year-on-year.

The consumer price index rose 4.06% in the first nine months, with prices increasing in nine of 11 commodity groups. Gold prices jumped 37.8% on average.

The Statistics Office said the city’s two-level governance system and its “one center, three zones, one special area” development plan are creating new growth opportunities.

HCMC aims for GRDP growth of 8.5% for the year. To meet the target, the city would need to expand at least 10% in the fourth quarter.

Source: The Saigon Times