HCM City rakes in $21.7 bln as growth spikes in first six months

By Vuong Anh   June 21, 2016 | 03:51 pm GMT+7
HCM City rakes in $21.7 bln as growth spikes in first six months
Ho Chi Minh City. Photo by Nguyen Thanh Van/VnExpress Photo Contest

Gross regional domestic product (GRDP) in Ho Chi Minh City (HCMC) was estimated at over VND477 trillion ($21.7 billion) in the first six months of 2016 – an increase of 7.47 percent compared to the same period last year.

According to a report from HCMC’s Department of Planning and Investment, the city’s economy achieved higher growth than in previous years with the service, industry and agricultural sectors all making significant gains.

The continued development of the commercial services sector and increasing retail sales and export turnover have contributed significantly to the overall economic growth of the city, the report said.

The GRDP in the first six months was estimated at over VND477 trillion ($21.7 billion) - an increase of 7.47 percent over the same period last year. Of this, the service sector grew by 7.7 percent, industrial and construction output was up 7.5 percent and the agricultural sector was up 5.6 percent.

The city’s industrial development index posted an estimated on-year rise of 6.9 percent. Of note, the four key industries – machinery, electronics, chemistry-rubber-plastics and food processing – took the lead in expanding the market by upgrading their equipment and improving the quality and competitiveness of their products.

Despite higher growth rates over the same period, Chairman of HCMC People's Committee Nguyen Thanh Phong said the city needs more specific and efficient solutions to achieve growth of at least 8 percent this year.

> Vietnam tops GDP growth outlook among six largest ASEAN economies: OECD

> Vietnam’s GDP growth to slow next year: ADB

> Vietnam targets 6.8 percent GDP growth next year

> Vietnam looking to speed up public investment to curb slowing GDP

 
 
 
go to top