HCMC – HCMC’s gross regional domestic product (GRDP) in the first half of 2024 expanded by 6.46% year-on-year, the highest H1 growth rate since 2020, contributing roughly 19.64% to the nation’s economic growth.
Phan Van Mai, chairman of HCMC People’s Committee, gave updates on the city’s social and economic performance in H1 at a conference today, August 10, where the Prime Minister’s delegation reviewed the city’s economic performance and the implementation of the National Assembly’s Resolution 98 on special mechanisms and policies for the city.
The city’s total budget collected in the first seven months of 2024 amounted to VND309 trillion, achieving nearly 64% of the full-year estimate and growing by 17.3% versus the year-ago period.
In July, the city’s economy continued to show positive changes. Retail revenue from goods and services climbed by 10.6%. Exports grew by 10%, imports edged up by 5.9%, and the Index of Industrial Production (IIP) advanced by 6.2% year-on-year.
HCMC’s tourism sector continued to grow, with total revenue up by 15.4%, international tourist arrivals increasing by 30.3%, and public passenger transport volume rising by 20.8% compared to the same period last year.
However, he pointed out that the city faces several challenges, including weaker-than-expected capital absorption and lower-than-planned public investment disbursements. Moreover, some of the special mechanisms and policies outlined in Resolution 98, designed to unlock potential and mobilize resources, are not advancing as fast as anticipated.
Regarding public investment disbursement results, Mai reported that as of yesterday, the city had disbursed VND13.2 trillion out of a total of VND79.2 trillion, or 16.7%. This figure is below the national average and falls short of the city’s six-month target.
