HCM City’s economy continued with noted recovery

 

Ho Chi Minh City’s economy has maintained its recovery pace, as seen in the increasing numbers of both new businesses and those that have restored their operations, as well as the rise in foreign investments, the city officials reported at a press conference on August 30.

Nguyen Khac Hoang, head of the municipal Statistics Office, viewed FDI attraction as a bright spot of the local economy in the month, which is the highest over the past five years.

The southern economic hub attracted 479 new FDI projects worth around 309.4 million USD, up 24.1% year-on-year. Meanwhile, 96 projects increased their investment capital by 1.47 billion USD, up 127.3%.

Capital contribution and share purchase by up to 1,632 foreign investors were valued at 925.68 million USD.

The city also counted 29,224 newly-established domestic enterprises in August with combined registered investments of 346.88 trillion VND (14.8 billion USD), up 33.41% in number but down 5.42 percent in capital. 

Notably, 10,895 firms have resumed their operations, an increase of 18.9% year-on-year.

According to Le Thi Huynh Mai, Director of the municipal Department of Planning and Investment, the total revenue from retail sales of goods and services in August reached some 98.84 trillion VND (4.22 billion USD), down 1.1% month-on-month but up 149.8% year-on-year.

 

The value in the first eight months of this year was estimated at 746.57 trillion VND, a rise of 23.2% against the same period last year.

The accumulative export turnover of businesses in HCM City through border gates reached 31.75 billion USD, up 9.02% year-on-year, while import was some 43.2 billion USD, up 7.51%.

The city’s index of industrial production (IIP) in August grew about 0.5% from the previous month and 104% from the corresponding time in 2021, with mining up 7.5%, and processing and manufacturing up 111.7%. 

Chairman of the municipal People’s Committee Phan Van Mai expressed his belief that with the growth pace, HCM City will surpass the target of 6-6.5% GDP growth set earlier this year./.