HCMC economy sustains growth momentum

Ho Chi Minh City Gross Domestic Product (GDP) growth rate reached a three year record high of 8.55 percent, hitting VND417,064 billion (US$19.11 million) in the first half this year, reported city Department of Planning and Investment director Thai Van Re on Wednesday.

Compact lamp production for exports at Dien Quang Company (Photo: SGGP)

GDP growth rates were 8.2 percent, 7.9 percent and 8.1 percent in the same period of the last three years, he said at a meeting on socioeconomic conditions presided over by city People’s Committee chairman Le Hoang Quan.

Services grew 9.8 percent, accounting for nearly 60 percent GDP, industrial and construction 6.8 percent holding 39.2 percent and agricultural sector 6 percent contributing 0.9 percent.

Six-month retail goods and services revenues totaled VND323.23 trillion (US$14.81 billion), up 10.9 percent over the same period last year. However, export import turnover reduced 6.3 percent to US$14.59 billion, attributed to crude oil price drop.

HCMC budget revenue reached VND134.73 trillion (US$6.20 billion), increasing 6.18 percent and accounting for 51 percent of 2015 estimates, reported Director of the Department of Finance Dao Thi Lan Huong.

Domestic revenues hit VND75.65 trillion, up 9.46 percent while export import brought VND47 trillion, up 11.54 percent.

By Ai Chan – Translated by Hai Mien

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