HCM City’s economic growth projected at 5.87% in Q2 (Photo: VNA) HCM City (VNA) – The gross regional domestic product (GRDP) of the southern economic hub of Ho Chi Minh City in the second quarter of this year is expected to expand by 5.87% year-on-year, according to Deputy Director of the municipal Statistical Office Tran Phuoc Tuong.
At a meeting on June 1, Tuong said the industrial, agricultural and service sectors all posted good growth, contributing to the GRDP's growth.
He reported that from the beginning of this year to May 20, the city has licensed 18,630 enterprises with registered capital of 178.78 trillion VND, up 7.9% in the number of licences but down 21.2% in capital volume year-on-year.
On the other hand, disbursement of public investment capital has accelerated; inflation has begun to cool down while the business environment has gradually improved.
However, the city’s export situation is still facing difficulties when key markets have not recovered, Tuong said, adding that retail turnover of goods increased by 10.6% year on year.
Meanwhile, state budget revenue in the first five months of this year decreased by 4.5% year on year and reached 43% of the estimate.
In order for the economy to gain better growth in the remaining months of the year, Tuong suggested that the city should create favourable conditions for businesses to access economic stimulus programmes, seek more potential export markets while continuing with administrative procedure reform and accelerating public investment capital disbursement, among others./.
