City GDP growth rate rises in first quarter

At a conference in Ho Chi Minh City to discuss the city's socio-economic situation and approve key tasks for the second quarter of the year, it was disclosed that the city’s Gross Domestic Product growth rate had reached 7.4 per cent in the first quarter of 2012, despite various set backs.

In the first quarter of the year, the service sector posted a growth of 8 per cent; industry and construction sector increased 6.6 per cent and agro-forestry and fisheries sector soared 4.5 per cent.

In the second quarter, the city authorities asked districts and related departments to implement the city’s socio-economic development plans for the period 2011-2015.

Within the next five years, HCMC will prioritise developing the service sector in an effort to raise its annual growth to 13 per cent and become a significant service centre in Southeast Asia.

To reach the goal, the city will focus on nine major groups, namely banking and insurance; trade; tourism; transport services and storage; post and telecommunications; information and technology; communications; real estate; consultancy; science and technology; health; education and training.

The city’s industrial and agricultural growth rates are expected to reach 11 per cent and 5 per cent per year respectively.

By B.Minh – Translated by T.Huong

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