Ho Chi Minh City lured some 765 million USD of foreign investment between January and April, a year-on-year surge of 120 percent, according to the city’s socio-economic reports.

At a meeting on April 24, Director of the municipal Department of Planning and Investment Thai Van Re said the city has seen positive signs of economic recovery, with the main indicators in the January-April period higher than those recorded in the same period last year.

The city’s total retail sales and service revenue in the first four months of this year posted 204.5 trillion VND (9.7 billion USD), up 12.1 percent year-on-year.

The city earned 8.85 billion USD from its export, a surge of 0.6 percent from the corresponding period last year, while it spent 7.87 billion USD purchasing goods from abroad.

In addition, the industrial production index of the city was estimated to increase by 5.2 percent annually. The scale of industrial production has been expanded while the manufacture of four major industries (food processing, chemicals and rubber, mechanical engineering and electronics and information technology) rose by 4.2 percent from the same period last year, indicating a business rebound in the country’s biggest economic hub.

The city’s CPI in April grew by 0.14 percent from last December, which Deputy Director of the HCMC Institute for Development Studies Tran Anh Tuan said shows the low purchasing power of local consumers.

Chairman of the municipal People’s Committee Le Hoang Quan claimed that his city will continue to tackle difficulties facing local enterprises and help boost their production by enabling them to access preferential loans from commercial banks.

The city will step up trade promotion activities to expand its exports in the remaining months of this year, focusing on high value-added goods and services. In addition, programmes aiming to stimulate local consumption through business support packages will take place.-VNA