Business

HCM City remains upbeat about economic growth

Ho Chi Minh City saw strong results in total retail sales and service revenues while successfully curbing its inflation rate in the first quarter, figures which are likely to trigger economic growth in the city over the next few months, said the municipal People’s Committee at a late March meeting.
Ho Chi Minh City saw strong results in total retail sales and servicerevenues while successfully curbing its inflation rate in the firstquarter, figures which are likely to trigger economic growth in the cityover the next few months, said the municipal People’s Committee at alate March meeting.

According to municipal reports given at themeeting, the city’s gross domestic product (GDP) posted an 8 percentrise in the first quarter against the same period last year with 202billion VND (9.4 billion USD).

Meanwhile, total retail sales and service revenues increased by 11.5 percent to 159.4 trillion VND (7.4 billion USD).

Thecity has carried out a number of programmes to tackle challenges forenterprises, said Thai Van Re, Director of the municipal Department ofPlanning and Investment.

He added that business loans for fiveprioritised groups—agricultural and rural development, exportproduction, SMEs, support industry and hi-tech enterprises—reached 137.6trillion VND (6.4 billion USD), up 0.86 percent from 2014.

The industrial production index expanded 5.6 percent year-on-year in the reviewed period.

Themunicipal budget also recorded positive figures; the city raked in 68.3trillion VND (3.2 billion USD) during January, accounting for 25.7percent of the total revenue estimate in the first quarter alone.

LeHoang Quan, Chairman of the municipal People’s Committee, highlightedthat in a bid to fulfil the yearly economic targets, the city willimprove its investment climate while fostering economic restructuring,renewing economic models and enhancing growth quality.

Furthermore,the city will create linkages among banks, enterprises and farmers aswell as facilitate capital access for enterprises.

The city isalso making necessary preparations to support domestic enterprises aheadof the finalisation of the Trans-Pacific Partnership (TPP) agreementand the establishment of the ASEAN Economic Community (AEC).-VNA
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