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Thursday, July 25, 2024

HCMC reports strong growth in H1

The Saigon Times

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HCMC – HCMC has reported economic growth of a robust 6.46% in the first half of this year, up from 3.55% recorded in the same period last year. This is the highest first-half economic growth rate in five years.

The information was given during a meeting held by the HCMC People’s Committee today, July 1, reviewing the city’s socio-economic performance in the first six months and discussing key tasks for the second half of the year.

Between January and June, the services sector in HCMC expanded by 7.3% year-on-year, fueled by a surge in retail sales, tourism, and public transportation. Retail sales alone saw a 10.2% increase, while tourism revenue soared by 14.6%. Public transportation witnessed a 21.1% rise in passenger volume.

The manufacturing and construction sector demonstrated a strong performance, with 5.6% growth attributed to increased production in pharmaceuticals (21.1%), food processing (1.3%), and other industries.

The agricultural sector, while showing modest growth of 0.2%, benefited from increased production of vegetables, fish, and bird’s nests.

The city attracted US$1.12 billion in new foreign investments the first half of the year. Total state budget revenue reached VND264,456 billion, a 16% year-on-year increase.

The city government outlined key priorities for the rest of this year, including improving the legal framework, accelerating public investment, and fast-tracking crucial projects such as the first metro line and HCMC Beltway No. 4.

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