HCM City on path to hit growth target

Monday, Jun 29, 2015 08:07

Containers are loaded and unloaded at Sai Gon Port in HCM City. The city is on course to reach its growth target this year. — VNA/VNS Photo Thanh Vu

HCM CITY (Biz Hub) — HCM City has managed to remain on the growth path this year, city authorities noted at a meeting to review socio-economic performance in the first half of the year.

According to a report tabled by the city People's Committee at the meeting last week, the city's gross domestic product was worth over VND417 trillion (US$21.5 billion) in the period, representing 8.55 per cent growth year-on-year.

This is the highest rate attained in the last three years, the Department of Planning and Investment said.

Thai Van Re, the department's director, said the growth rates of 6-9.8 per cent achieved by industry and construction, agriculture, and services indicates that economic development is on the right track.

Other areas like trade and credit and banking have also achieved high growth rates, he said.

The wholesale and services turnover was VND323.2 trillion ($14.8 billion), a year-on-year increase of 10.9 per cent.

As of June end deposits at banks and financial organisations topped VND1.384 trillion ($63.7 million), up 14.8 per cent.

The increases in both deposits and loans indicate that capital has been channelled well into the economy, he said.

The city's industry grew at 6.5 per cent.

Industrial parks and export processing zones and the Sai Gon Hi-tech Park have attracted investments of over $623 million this year, up 87 per cent.

The city's exports were worth $2.53 billion.

Tran Anh Tuan, acting head of HCM City Institute for Research and Development, said manufacturing has done well in the last three years together with consumption and exports.

Supporting businesses

In the second half of the year, the city authorities plan to take many measures to help businesses.

The People's Committee will enhance relations with the corporate sector through contacts and meetings to know about the difficulties and hindrances companies face.

Measures will be taken to help businesses improve their competitiveness by renewing technologies and promoting their products.

The city will continue to help supporting industries with a focus on exhibitions and mapping out a project to develop them.

Le Hoang Quan, chairman of the People's Committee, said the city is setting up a board to steer the city's economic integration with the global community.

Relevant agencies have stepped up inspection and oversight of market to find those flouting the laws with a focus on efforts to combat smuggling and production of fake goods and violation of intellectual property rights and food hygiene and safety norms.

The city will also promote business and investment by stabilising and developing the local market while maintaining and strengthening traditional foreign markets and establishing new markets for Vietnamese goods.

It will continue to monitor and guide the restructuring of credit organisations and ensure they operate safely and efficiently and to implement the banking restructure project mapped out by the Government and the State Bank of Viet Nam. — VNS

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