Consumers inspect rice at a FoocoMart outlet in HCM City. Retail sales and services have buoyed HCM City's high level of economic growth this month. — VNA/VNS Photo Dinh Hue

HCM CITY (Biz Hub) — The economy of HCM City is recovering as the city experiences rising export turnover and stable business growth, the chairman of HCM City People's Committee has said.

Speaking at a meeting yesterday in HCM City, Le Hoang Quan said retail sales and service turnover reached VND51.8 trillion (US$2.45 billion) in April, up by 3.9 per cent over March and by 11.7 per cent compared with the same period last year.

For the first four months, total retail sales and service turnover totalled VND204.5 trillion ($9.66 billion), a 12.1 per cent increase over last year.

Export turnover has shown an upward trend. In April the city achieved export turnover of $2.42 billion, up by 3 per cent over March and by 22.1 per cent over last year.

For the first four months, the city attained total export turnover of $8.85 billion, an increase of 0.6 per cent over the same period last year.

Thai Van Re, director of HCM City Department of Planning and Investment, said in April the city authorities granted licenses to 7,622 new businesses with total investment of VND42.55 trillion (over $2 billion), a 52 per cent increase compared with last year.

The city also licensed 98 new investment projects with total registered capital of $701.4 million, a jump of 399 per cent in capital against last year.

To maintain high growth, the city in May will focus on measures to help businesses, including improving the links between banks and businesses so the latter can access low-interest loans.

The city will also further cooperate with credit organisations to step up the project to re-structure the banking system and to enhance measures to settle bad debts. — VNS