HCM City’s GRDP grows 6.46 per cent in H1, showing signs of recovery

Jul 3rd at 07:58
03-07-2024 07:58:20+07:00

HCM City’s GRDP grows 6.46 per cent in H1, showing signs of recovery

Despite facing various challenges, HCM City’s Gross Regional Domestic Product (GRDP) grew 6.46 per cent in the first half of the year, showing signs of recovery.

A consumer shops at a butcher in Tân Định Market, HCM City. The city saw a 10 per cent year-on-year increase in total retail sales of goods and services in the first half of the year. — VNA/VNS Photo Văn Phúc

According to a report by the HCM City Statistics Office, the city’s index of industrial production (IIP) grew 5.6 per cent during the period, the highest increase in the past three years.

The city saw a 10 per cent year-on-year increase in total retail sales of goods and services.

As of June 20, 25,248 enterprises entered the market this year, registering VNĐ215 trillion in capital, up 9.6 per cent in enterprise number and 1 per cent in capital from the same time last year.

Its state budget collection was also a bright spot at more than VNĐ265 trillion, rising 16 per cent against the same time last year.

However, the city fell short of its public investment disbursement target, with only VNĐ15 trillion disbursed by the end of June, or 19 per cent of the set target instead of the expected 30 per cent.

It aims to disburse VNĐ73 trillion, equivalent to 95 per cent of public investment by year-end.

The city saw a surge in foreign tourist arrivals, with nearly 2.7 million visitors in the first half of the year, up 38 per cent year-on-year and representing 44.6 per cent of the annual target, driven by a series of festivals and tourism promotion events.

It also welcomed over 17 million domestic tourists, up 4.4 per cent year-on-year and making up 45 per cent of the yearly target.

Its tourism revenue saw a notable surge of 14.6 per cent during the period, reaching US$92.6 trillion.

In addition, progress of the first metro line (Bến Thành – Suối Tiên) has been 98 per cent completed, with the city aiming to start operations by November.

Phan Văn Mãi, chairman of the People’s Committee, acknowledged the challenges faced by the city, such as low credit growth and a slow recovery in the real estate market.

To achieve its growth target of 7.5-8 per cent for the year, experts recommend focusing on high-tech industries, financial services, and stabilising the real estate market.

Diversifying export markets and expanding to potential markets such as Japan, the Republic of Korea, and India are also essential strategies to support production and business activities.

Việt Nam reported a 6.42 per cent year-on-year GDP growth in the first half, with the Asian Development Bank forecasting a growth rate of 4.6 per cent for Southeast Asia this year.

Việt Nam and the Philippines are expected to have the highest growth rates in the region in 2024, reaching 6 per cent. 

Bizhub





RELATED STOCK CODE (1)

NEWS SAME CATEGORY

​S.Korean companies eager to expand investment in Vietnam

Four leading South Korean businesses expressed their wishes to promote investment in Vietnam at their separate meetings on Monday with Vietnamese Prime Minister...

Hà Nội’s GRDP estimated to grow 6 per cent in H1

Hà Nội’s gross regional domestic product (GRDP) in the first half of 2024 is estimated to increase 6 per cent compared to the 5.86 per cent growth in the same...

VN-China trade hits nearly $100 billion

Bilateral trade between Việt Nam and China is reaching the threshold of US$100 billion, for the first six months of this year.

Vietnamese consumers double online shopping frequency

Vietnamese consumers now shop online an average of four times per month, doubling the frequency compared to 2023, according to NielsenIQ Vietnam. This figure also...

PM urges major South Korean conglomerates to explore new horizon of cooperation

The Government leader called on South Korean corporations to support Vietnam with financial resources, infrastructure development, institutional and policy...

​Vietnam a bright spot in S.Korea investment landscape

South Korea’s outbound investment experienced a downward trend but its outward direct investments (ODI) in Vietnam was on the rise during the first quarter of 2024...

​Vietnamese PM talks with leaders of 20 S. Korean groups

Vietnamese Prime Minister Pham Minh Chinh had a meeting with leaders of 20 South Korean firms in Seoul on Monday, as part of his ongoing visit to South Korea until...

Minister of Planning and Investment urges enhanced Vietnam-Korea tech collaboration

Minister of Planning and Investment Nguyễn Chí Dũng met with the Vietnam Innovation Network in Korea (VINK) during Prime Minister Phạm Minh Chính’s official visit.

Thriving Vietnam-S.Korea relations benefit both countries: PM

Vietnam places a high value on its relationship with South Korea. It is determined to advance cooperation in a substantive, effective, and long-term manner, in line...

PM Chính urges Korean businesses to expand investments in key areas in Việt Nam

Việt Nam has always encouraged Korean businesses to expand investment cooperation in areas where the RoK has strengths and Việt Nam has high demand, said Prime...


MOST READ


Back To Top