HCM City’s economy maintains growth in 10 months

Tuesday, Oct 31, 2023 14:49

Chairman of the municipal People’s Committee Phan Văn Mãi speaks at the briefing. — Photo vneconomy.vn

HCM City's economy continues to maintain positive growth momentum, driven by industrial production, domestic consumption, and stable supply and demand, heard a meeting of the municipal People’s Committee on Monday.

Director of the municipal Department of Planning and Investment Lê Thị Huỳnh Mai said the city's industrial production index for October rose by an estimated 2.4 per cent month-on-month and 10.6 per cent year-on-year.

The mining industry grew by 6.1 per cent monthly and 8.9 per cent annually. Meanwhile, the processing and manufacturing industry expanded by 2.5 per cent and 11.1 per cent, respectively, electricity production and distribution sector down 1.1 per cent compared to the previous month but up 5 per cent year on year.

In the first 10 months, the index rose by 3.7 per cent annually. Among the four key industries, the industrial production grew by 6.3 per cent. Specifically, the pharmaceutical industry saw a 19.2 per cent increase, mechanical industry 7.4 per cent, and electronics 6.0 per cent.

The total retail of goods and services during the period was estimated at over VNĐ978.6 trillion (US$40.8 billion), representing a 9.2 per cent increase compared to the same period last year.

Foreign tourist arrivals in the city hit over 4.12 million, up 55.3 per cent. The total tourism revenue surpassed VNĐ140 trillion, showing a 32.6 per cent growth year-on-year.

As of October 20, the city granted licences to 42,670 businesses, up 15.2 per cent annually. Their registered capital reached over VNĐ386.5 trillion.

In terms of public investment disbursement, the figure stood at over VNĐ36 trillion, up 55.9 per cent year-on-year.

However, Mai admitted that exports dropped by 13.4 per cent annually in the past 10 months. The number of newly-established firms increased in quantity but decreased in registered capital while the number of businesses temporarily suspending their operations rose by 29.5 per cent.

In addition, foreign direct investment attraction saw a significant decrease of 32.3 per cent, reaching only around $2.31 billion.

Chairman of the municipal People’s Committee Phan Văn Mãi said in the final months of this year, the city would resolve difficulties faced by businesses and real estate market, step up infrastructure and urban development, stimulate consumer demand and develop tourism towards the end of this year.

The city remained committed to achieving a public investment disbursement of 95 per cent of the assigned target. For certain projects facing particular challenges, the disbursement rate should reach above 80 per cent, he said. — VNS

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