HCMC set for 5.87% economic growth in Q2

By Anh Minh, Vien Thong May 30, 2023 | 08:43 pm PT

A motorbike driver passes buildings in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

The Ho Chi Minh City economy is forecast to grow at an 5.87% year-on-year in the second quarter, a jump from 0.7% in the first.

Its chairman, Phan Van Mai, said at a National Assembly session Monday: "This shows the great effort made by the city. It brings great joy."

The services sector is set to lead growth with 7.6%, while industry and construction are expected to grow at 4.77%.

Mai said retail and services grew at a considerable pace in May, and both the city and businesses have been offering discounts to promote tourism.

Retail and services revenues were up 10% year-on-year.

The Index of Industrial Production is estimated to have risen by 5.5% year-on-year in May.

Public spending increased by 24% year-on-year in the first five months to VND10.2 trillion (US$434 million).