Retail sales and services turnover were worth VND56.3 trillion (nearly US$2.6 billion) during the month and took the year's total to VND379.8 trillion (over $17.4 billion), 10.9 per cent up year-on-year. — Photo hiec

Retail sales and services turnover were worth VND56.3 trillion (nearly US$2.6 billion) during the month and took the year's total to VND379.8 trillion (over $17.4 billion), 10.9 per cent up year-on-year.

Without crude oil, July's exports were worth $2.45 billion, a year-on-year increase of 1.5 per cent, and for the first seven months, $15.3 billion, up 9.4 per cent. But with crude oil, exports fell 4.6 per cent to $17.6 billion.

Thai Van Re, director of the city Department of Planning and Investment, blamed the decline in exports to the fall in oil prices.

Oil prices went down by 47.4 per cent on average, Re said.

Industrial production rose consistently, especially processing and manufacturing.

As of July 20 the city had issued licenses to 17,191 new businesses with total registered capital of VND113.4 trillion ($5.2 billion) this year, up by 27.7 per cent in number terms and 46.4 per cent in capital.

The city also licensed foreign investments worth $2.5 billion, up 2.3 times from 2014.

Tran Anh Tuan, head of the HCM City Institute for Economic Research and Development, said the increases in retail sales, investments and exports in July indicate that the economic growth is stable.

There is impetus for continued growth in the remaining part of the year, he said.

Addressing the meeting, People's Committee Chairman Le Hoang Quan said the city would make efforts to keep inflation down, sustain the economic recovery and growth, and promote exports and bank lending.

He called on relevant agencies to better control prices of consumer goods, improve market management and strengthen the campaigns to fight fake goods and smuggling. — VNS