HCMC – HCMC has reported a robust economic recovery in the first eight months of this year, driven by growth in manufacturing, budget revenue and retail sales.
The HCMC People’s Committee today, September 4, held a meeting to review the city’s socioeconomic performance in August and the first eight months of the year. The meeting was presided over by Phan Van Mai, chairman of the city.
Le Thi Huynh Mai, director of the city’s Planning and Investment Department, said the industrial sector was a key driver of growth between January and August, with the index of industrial production (IIP) rising by 6.4% compared to the same period last year.
This growth was supported by improvements in three key indicators, including overall industrial production, processing and manufacturing output, and inventory levels.
The city saw a 15.3% increase in state budget revenue. Consumer spending, as measured by total retail sales of goods and services, grew by 10.3% year-on-year.
The tourism sector saw a huge rebound, with revenue from tourism services surging by 65.8%.
Several infrastructure projects in HCMC are nearing completion, including HCMC Metro Line No. 1 running from Ben Thanh Market to Suoi Tien Theme Park. The city’s first metro line is 98% complete, with full commercial service slated for later this year.
Still, some other key projects, such as the expansion of National Highway 50 and the rehabilitation of Tham Luong-Ben Cat-Nuoc Len canal, have faced delays due to land clearance delays.
HCMC Chairman Mai called for faster work on the disbursement of the city’s public investment. He urged relevant agencies to update their disbursement targets on a monthly basis, from September through January, with the goal of achieving a disbursement rate of 95% by the end of the year.
