Economy

Ho Chi Minh City records 7.9% economic growth in six months   A bird’s eye view of Ho Chi Minh City Nhan Dan Online – Ho Chi Minh City’s economic growth remained positive during the first six months of this year, with GDP estimated at VND340.7 trillion (US$16 billion), up 8.1% compared to the same period last year. As reported by the HCMC People’s Committee at its conference yesterday to evaluate the city’s socio-economic situation over the last six months and map out tasks for the remaining months of 2013, the city has implemented a series of measures to overcome the current economic difficulties, enhance business competitiveness, and promote resolving inventory and trade issues. Over the past months, the city economy has achieved positive results with services rising 8.7% year on year, while industry and construction grew 7.1% and the agricultural sector increased by 4.9%. Total retail sales of goods and services is estimated at VND289 trillion, up 21.3%, and the city earned US$13.7 billion from exports, a year-on-year increase of 5.5%. Budget revenues are forecast to reach VND107.7 trillion, equal to 45.17% of the yearly target. Total social investment capital is estimated at VND58 trillion and foreign direct investment reached more than US$491 million, while remittances reached US$1.95 billion. The city welcomed nearly two million visitors, up 10% from the previous year, and tourism revenue reached VND41 trillion, up 24.4% year on year. Speaking at the conference, Chairman of the HCMC People’s Committee Le Hoang Quan said that although the city’s economic growth remains positive and industrial production has showed signs of recovering, relevant authorities, agencies and local enterprises should focus on specific policies such as exempting or extending the payment of business taxes so enterprises can reinvest capital in development. Providing priority sectors access to loans should also be continued, especially for agriculture, rural area development, support industries, exports, small and medium-sized businesses, and high-tech enterprises. Chairman Quan stressed that in the remaining months of 2013, the city authorities should strengthen contacts and dialogues with enterprises in all economic sectors, particularly small and medium-sized businesses, to help them overcome obstacles and create a favourable environment for them to stabilise production and contribute to the city’s economic growth. Nhandan