City’s services industry enjoys fastest rate of growth
During the 2011-2013 period, Ho Chi Minh City placed particular emphasis
on the service, industry and agriculture sectors, with the services
industry seeing the fastest rate of growth.
During the 2011-2013 period, Ho Chi Minh City placed particular emphasis
on the service, industry and agriculture sectors, with the services
industry seeing the fastest rate of growth.
Despite challenges from the national economy, the services sector retained a growth rate of 11 percent per year, with turnover from the sector representing over 58 percent of total GDP growth, according to the city People's Committee.
Trade accounted for 22.1 percent of growth in the service sector, with a growth rate of 12.3 percent annually.
Of that amount, exports gained 84.4 billion USD or 8 percent growth annually, the same growth rate of the previous four-year period between 2006 and 2010, which was 8.1 percent.
Also, in the trade segment, the commodities sector focused on industrial processed products and intellectually realised products rather than the production of natural raw materials.
After trade, finance, banking and insurance ranked second in rate of growth.
During the period, the banking system faced many difficulties with slow credit growth.
A high inventory level of goods and a stagnant real estate market limited the success of this sector.
In 2011, finance, banking and insurance grew 23 percent but fell to minus 2.3 percent. It jumped to 8 percent in 2013, with an average of nearly 20 percent of total GDP.
Transport and storage ranked third in the services sector with 11.3 percent growth every year and a proportion of 13.8 percent of GDP , thanks to a series of transport construction projects that have been completed in Ho Chi Minh City.
Information and telecommunications, along with science technology consultancy, all developed speedily during the period.
For the last three years, information and telecommunications grew from 16.1 percent in 2011 and up to 26.8 percent in 2012, and 20 percent in 2013.
The sector's proportion of GDP increased from 4.6 percent in 2011 and 6 percent in 2013.
Science technology consultancy retained its growth of 18.5 percent each year and improved its proportion from 8.2 percent in 2011 to 9.3 percent last year.
Education, hotels and restaurants also saw positive growth.
According to the yearly plan, the city will continue to develop its service sector and in 2015, it expects to have 57 percent of GDP from services, 42 percent from industry and only 1 percent for agriculture.-VNA
Despite challenges from the national economy, the services sector retained a growth rate of 11 percent per year, with turnover from the sector representing over 58 percent of total GDP growth, according to the city People's Committee.
Trade accounted for 22.1 percent of growth in the service sector, with a growth rate of 12.3 percent annually.
Of that amount, exports gained 84.4 billion USD or 8 percent growth annually, the same growth rate of the previous four-year period between 2006 and 2010, which was 8.1 percent.
Also, in the trade segment, the commodities sector focused on industrial processed products and intellectually realised products rather than the production of natural raw materials.
After trade, finance, banking and insurance ranked second in rate of growth.
During the period, the banking system faced many difficulties with slow credit growth.
A high inventory level of goods and a stagnant real estate market limited the success of this sector.
In 2011, finance, banking and insurance grew 23 percent but fell to minus 2.3 percent. It jumped to 8 percent in 2013, with an average of nearly 20 percent of total GDP.
Transport and storage ranked third in the services sector with 11.3 percent growth every year and a proportion of 13.8 percent of GDP , thanks to a series of transport construction projects that have been completed in Ho Chi Minh City.
Information and telecommunications, along with science technology consultancy, all developed speedily during the period.
For the last three years, information and telecommunications grew from 16.1 percent in 2011 and up to 26.8 percent in 2012, and 20 percent in 2013.
The sector's proportion of GDP increased from 4.6 percent in 2011 and 6 percent in 2013.
Science technology consultancy retained its growth of 18.5 percent each year and improved its proportion from 8.2 percent in 2011 to 9.3 percent last year.
Education, hotels and restaurants also saw positive growth.
According to the yearly plan, the city will continue to develop its service sector and in 2015, it expects to have 57 percent of GDP from services, 42 percent from industry and only 1 percent for agriculture.-VNA
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