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Non-oil growth was higher during the quarter, at 10.08%, according to the city Statistics Office.
The services sector, which made up more than half of GRDP, expanded by 9.95%, industry-construction by 10.17%, and agriculture, forestry and seafood by 3.4%.
Growth in the first nine months of the year was 9.06%, with services accounting for 53.6% of the growth.
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Downtown Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Truong Minh Huy Vu, vice chairman of the HCMC People’s Committee and director of the HCMC Institute for Development Studies, said some of the major growth drivers were foreign direct investment and the logistics and services sectors.
To reach the full-year growth target of 10%, HCMC’s economy needs to grow by at least 13% in the last quarter, much higher than the 8.53-9.86% posted in the previous three quarters.
Vu said the city needs to focus on disbursing public, private, and foreign investment to boost industrial and commercial activity, and capitalize on strong consumption during the year-end shopping and travel season to support economic growth.
