HCM City posts GRDP growth of almost 8% in nine months

The service, industrial and construction sectors saw an increase of 8.0% and 7.92% respectively while the agriculture sector witnessed a rise of 6.18%.

HCM City’s economic growth has been less dependent on investment capital and increased scientific factors.

Total state budget collection in the first nine months are estimated at more than VND269 trillion, making up 71.44% of the yearly target, up 9.88% against the same period last year.

Of the figure, the total revenue from the domestic sector accounted for 68.08% of the yearly target, up 12.97% while earnings from crude oil and exports fulfilled 141.96% and 71.11% of the yearly plan respectively.

Regarding the restructuring of industries in GRDP, the service sector made up a proportion of 61.2%. The city’s economic restructuring process has gradually increased the proportion of high quality and highly added-value service sectors. Nine groups of the service sector are considered the strong points of HCM City, namely trade, finance, banking, insurance, tourism, information and communications, logistics-ports-depots, science and technology, real estate, education and health.

Nine groups of the service sector accounted for 55.9% of the GRDP, of which the real estate, trade, logistics and depot sectors have made up a high proportion of 33.7% in the GRDP.

In the reviewed period, the city’s economy performed fairly well, growing at 7.89%, edging up from 7.87% a year earlier.

FDI double to nearly US$5.47 billion, an increase of 50% from last year. Exports were worth around US$28.2 billion, an increase of 7.7%.

Imports cost US$34.8 billion, an increase of some 10.5%. Services and retail sales grew by 12.8% and industrial output by 7.89%.

The four key industries – engineering and automation, electronics, chemicals, rubber and plastics, and food processing continued to perform strongly, expanding markets, investing in technology, improving the quality and competitiveness and growing at nearly 8.39%. - VOV