HCMC deputy leader expects economy to grow by 6-7 percent

By Vien Thong May 31, 2022 | 08:45 pm PT

Thu Thiem 2 Bridge crosses the Saigon River to link District 1 and Thu Duc City, April 28, 2022. Photo by VnExpress/Quynh Tran

HCMC deputy chairman Vo Van Hoan expects the city economy to recover quickly from Covid-19 and grow at 6-7 percent this year.

Speaking at a press briefing about the 4th Vietnam Economic Forum, he said in the first quarter the economy grew again after shrinking during the previous two quarters due to the pandemic.

It grew at 1.88 percent.

Last year it had shrunk by 6.78 percent, the first contraction since the initiation of Doi Moi (economic reforms) in 1986.

"It is a good sign for HCMC's development that all manufacturing and business activities have returned to normal," Hoan added.

In May the city's Index of Industrial Production rose by 6.5 percent month-on-month and 9 percent from a year ago. In the first five months it was up 2.6 percent.

Hoan also called for better mechanisms for resolving issues related to the workforce, employment, technology, and capital.