(VEN) – Services, industry and agriculture grew strongly, boosting the economy in Ho Chi Minh City (HCMC) in the first nine months of this year. The city’s Gross Domestic Product (GDP) increased by 7.6 percent in the first quarter of the year, 8.1 percent in the second quarter and 10.3 percent in the third quarter.
All economic pillars grew
Ho Chi Minh City Planning and Investment Department Deputy Director Nguyen Hoang Minh said that services, industry and agriculture, which are the city’s key economic pillars, increased rapidly from a year ago.
The service sector increased the fastest by 10.4 percent, accounting for 57.4 percent of the city’s GDP. Retail and service revenues increased by 12.2 percent. Although export revenues declined slightly, imports increased by 12 percent. Businesses in the city achieved an export surplus of more than US$1 million in the first nine months of this year.
Capital raised by commercial banks increased by 7.34 percent from the same period last year. Of this, foreign currency deposits reduced, while Vietnamese dong deposits increased. The balance of outstanding credit increased by 5.21 percent from the end of last year. The city said that credit resources began to increase and to go to economic sectors.
The industrial and construction sector increased by six percent from a year ago, accounting for 41.7 percent of the city’s GDP. The Ho Chi Minh City Department of Planning and Investment said that all four major industrial areas grew rapidly, including food and foodstuff processing increasing by 6.7 percent, chemicals and-pharmaceuticals up by 9.2 percent, electronics up by 3.8 percent, and manufacturing up by 4.9 percent.
FDI registration soared
307 foreign direct investment (FDI) projects with total investment capital of US$732.7 million were registered in the first nine months of this year, increasing by 4.4 percent in terms of number and by 18.6 percent in terms of capital against a year ago. In addition, 96 existing projects increased their investment capital to US$609.6 million. New and supplementary investment capital amounted to US$1.34 billion, a 2.7 percent increase from the same period last year.
The Ho Chi Minh City Department of Planning and Investment said that FDI attraction would achieve a breakthrough in the remaining months of the year. So far this year the city has received 49 investment teams from foreign countries which visited Ho Chi Minh City to seek business opportunities in areas such as trade and information technology.
Ho Chi Minh City launched many workshops to promote investment in support industries and encouraged investors in the areas of electronics, precision engineering, automation and new energy. To better attract FDI, the city will improve its investment environment to make it open, transparent and attractive./.
By Chu Huynh
Đăng ký: VietNam News
