Cat Lai Port in HCM City (Photo: VNA) HCM City (VNA) – Ho Chi Minh Cityneeds to speed up December growth to achieve its economic growth target of 8.25percent, heard a review meeting on November 30.
“We had to reduce the growth target from8.4 percent to 8.25 percent because of inaccurate computation at the beginningof the year,” Vo Van Hoan, head of the People’s Committee Office, told themeeting held to review socio-economic development in the first 11 months.
Hoan pointed out that the general growthindex had risen sharply, and higher than last year, but the economy needed toaccelerate to achieve the target.
“Revenue collection has been only 88.34 percentof the target and related authorities must work hard to fulfil the full-yearplan.”
Pham Thanh Kien, director of the Departmentof Industry and Trade, said the city should focus on its four key industries inthe final month.
“Shopping malls, supermarkets andconvenience stores have increased significantly, while e-commerce has grown 31 percent.
“The city should focus on e-commercebesides traditional businesses.”
He said software exports had seen very highgrowth this year with revenues reaching 1.5 billion USD in the year-to-datecompared to 1 billion USD for full-year 2016.
Su Ngoc Anh, director of the Department ofPlanning and Investment, said the city’s revenues had grown by 12.6 percent to 307.3trillion VND (13.5 billion USD), or 88.34 percent of the full-year target.
FDI has doubled to nearly 5.57 billion USD.
Services and retail sales grew by 11.5 percentand industrial output by 7.9 percent.
[HCM City exports to top 35 billion USD in 2017]
The city’s four key industries --engineering and automation; electronics; chemicals, rubber, plastics; and foodprocessing -- continued to perform strongly, expanding markets, investing intechnology and improving quality and competitiveness, and growing at over 12.9 percent.
This year, 37,596 new companies with acombined registered capital of 778.5 trillion VND (34.6 billion USD) have beenlicensed, three times the number in the same period last year.
Job creation, vocational training andsupport for poor people have been carried out efficiently to ensure socialwelfare.
The number of jobs created rose marginallyto 298,225 or 106.5 percent of the full-year target.
Exports were worth around 32 billion USD,an increase of 16.1 percent.
Exports to Singapore grew by 69.7 percent,to Myanmar by 75.1 percent, to India by 33.7 percent, to Malaysia by 24.1 percent,to Thailand by 25.8 percent, to China by 21 percent, and to the Republic of Koreaby 22.2 percent but shipments to the Philippines, Indonesia, Italy, Germany,and the UK shrank.
Exports of rubber, vegetables, computersand electronics, and vehicles grew by 18 – 55 percent.
Imports were worth 38.9 billion USD, anincrease of 13.5 percent.
Imports from China, India, the Philippinesand Cambodia soared, with raw materials, equipment, electronic accessories andmetals being the main imported items.
“Authorities have paid close attention tothe environment, flooding and traffic as well as price stability,” Hoan added. -VNA
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