HCM City’s economy sees huge boost in first quarter hinh anh 1A corner of Ho Chi Minh City (Source: VNA)
HCM City (VNA) - Socio-economic development in Ho Chi Minh City in the first three months of this year continues to show strong growth across fields, according to the municipal People’s Committee.

In the first quarter, t he gross regional domestic product (GRDP) was estimated at nearly 222 trillion VND (9.99 billion USD), a year on year rise of 7.1 percent.

Of the sum, services accounted for 57.7 percent, while industry and construction made up 27.7 percent and agriculture, 0.8 percent.

Retail and service revenues totalled more than 175 trillion VND (7.87 billion USD), an annual rise of 11.6 percent. Meanwhile, export turnover reached 6.7 billion USD, up 0.1 percent over the same period last year.

The industrial production index recorded an annual expansion of 5.72 percent, with prominent growths of beverage production (23.19 percent), non-metallic mineral exploitation (18.33 percent), mechanics (12.9 percent), and paper sector (10.2 percent).

Local authorities have so far this year granted new investment licenses to 158 projects worth 192.4 million USD, up 58 percent in the number of projects and down 66.3 percent in terms of capital.

Additionally, 39 existing projects increased their investment capital to 85.7 million USD.

According to the municipal Department of Finance, the city collected nearly 72 trillion VND (3.24 billion USD) to the State budget, up 0.92 percent over the same period last year.

The municipal People’s Committee forecasted that the city is likely to reach higher growth in the next quarter thanks to facilitations of the State’s policies and the global market’s stable growth.

In the coming time, the local authorities will intensify measures to realise economic development targets, focusing on bettering the local investment climate, promoting production and business and market management, said Su Ngoc Anh, Director of the municipal Department of Planning and Investment.

To support local businesses in the process of international integration, direct dialogues between enterprises and the municipal authorities will be arranged, thus timely taking measures to help solve difficulties facing enterprises as well as updating information related to free trade agreements joined by Vietnam.

Creating the most favourable investment environment for investors and businesses will help the city achieve higher growth, said Nguyen Thanh Phong, Chairman of the municipal People’s Committee.-VNA