GDP growth signals positive outlook for City's economy

GDP growth signals positive outlook for City's economy

The HCM City economy is bouncing back, although the GDP growth rate during the first half of the year was reported at roughly 8 per cent, a lower rate than the same period last year.

Speaking during the opening ceremony of the HCM City People's Council, at the eighth term's fifth meeting session yesterday, Hua Ngoc Thuan, deputy chairman of the HCM City People's Committee, noted that the previous quarters had seen improvement in the growth rate.

In the first quarter, the GDP growth was 7.4 per cent, and the rate increased to 8.8 per cent in the second quarter. Service, industry and construction sectors were the areas with the highest achievements.

The city leader said that purchasing power would continue to increase in the near future, as total revenue from service and commodity sales was nearly VND261 trillion (US$12.5 billion).

However, the socio-economic situation in the city still faces many challenges as unemployment has increased. Securities and real estate sectors have not shown real signs of recovery.

During the three-day meeting ending on July 13, the city's lawmakers and leaders will discuss other problems, including parking fees, healthcare services and administration reform.

City leaders will hold a question and answer session with lawmakers today and tomorrow

vietnamnews