HCMC economy grows 0.7% in Q1

By Vien Thong   March 31, 2023 | 01:34 am PT
HCMC economy grows 0.7% in Q1
Downtown District 1, Ho Chi Minh City, February 2023. Photo by VnExpress/Quynh Tran
HCMC’s gross regional domestic product (GRDP) grew just 0.7 % in the first quarter, the lowest among Vietnam’s five municipal cities.

HCMC's growth is even lower than the national average, ranking 56/63 of all cities and provinces, the municipal Statistics Office reported Thursday.

Agriculture, forestry and fishery increased by 2.06 % while industry and construction downed 3.6%. The service sector rose 2.07%.

Total retail sales of consumer goods and services reached VND 263.98 trillion (nearly $11.24 billion) in Q1, up 4.7% compared to the same period last year.

The HCMC index of industrial production (IIP) downed 0.9% while the consumer price index (CPI) surged 4.5%.

Foreign direct investment (FDI) pledges in the city reached of $497.5 million between January and March

Export turnovers increased 5.1%.

9,788 enterprises were established with a total registered capital of VND88.86 trillion, up 7% in the number of firms and down 39.1 % in value against the same period last year.

Vietnams’ GDP growth slowed to 3.32% year-on-year in the first quarter, the second lowest growth rate in the last 12 years.

go to top