HCM City reports economic expansion in first seven months

Friday, 2018-08-03 16:32:50
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Ho Chi Minh City continues recording economic growth in July and the first seven months of 2018 (illustrative image)
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NDO/VNA – Ho Chi Minh City continued recording economic growth in July and the first seven months of 2018, with the economic structure shifting strongly, the municipal People’s Committee reported.

At a meeting on August 2, Deputy Director of the municipal Department of Planning and Investment Nguyen Thi Thu Hoa said total retail sales of goods and services revenue in July were estimated at VND87 trillion (US$3.73 billion USD), up 1.1% from the previous month. It added up to the seven-month figure of VND595 trillion (US$25.49 billion), up 12.5% year on year.

Last month, HCM City also permitted 1,628 foreign investors to contribute capital and buy shares at domestic firms with registered capital of US$3.73 billion. They focused on property, science-technology, wholesale and retail and accommodation and hospitality services.

Director of the municipal Department of Industry and Trade Pham Thanh Kien said the local industrial production index grew by 7.33% between January and July, compared to the same period last year.

Key industries, including mechanical engineering, electronics, chemical – rubber – plastics and food processing, continued to expand their markets, reform equipment and improve quality and competitiveness.

Trading activities also grew, ensuring goods supply for consumers, Kien noted.

At the meeting, Chairman of the municipal People’s Committee Nguyen Thanh Phong affirmed that HCM City recorded stable economic growth in the seven months. He attributed increased budget revenue to efforts to improve the business climate.

Meanwhile, foreign direct investment into the city was mainly driven by capital contribution and share purchases, while investment in new projects was very low at less than US$1 million each project, he noted.