Leaders hail HCM City economic growth

Monday, Dec 29, 2014 08:18

Tan Cang-Cat Lai Port in HCM City. The city's trade surplus of US$7 billion contributed to strong economic development in 2014, with growth at 9.6 per cent and inflation at 1.65 per cent. — VNA/VNS Photo The Anh

HCM CITY (Biz Hub) — The HCM City government has described the city's economic situation in 2014 as being the brightest in several years despite the continuing global slump with growth at 9.6 percent and inflation at a mere 1.65 per cent.

Reporting on the year's economic performance on Saturday, Thai Van Re, director of the city Department of Planning and Investment, said the city's per capita income has risen by 13 per cent to US$5,131.

"This is a very positive achievement. The per capita GDP has exceeded the 2015 target of $4,800."

The city's exports were 9 per cent higher at $32 billion, while imports fell 2.2 per cent to $25 billion, he said.

Inflation has come down from 5.2 per cent last year, he added.

Dao Thi Huong Lan, director of the Department of Finance, said revenues were worth VND250 trillion ($11.9 billion), a rise of over 10 per cent and higher than targeted.

Le Hoang Quan, Chairman of HCM City People's Committee, said this year the economic growth was consistent compared to last year.

The city economy has clearly recovered and overcome years of difficulties, with inflation also well under control, he said.

With fuel prices dropping sharply recently, he called on transport operators to reduce tariffs and ordered inspectors to monitor this.

He praised the banking system for contributing to economic growth by providing loans of VND40 trillion ($1.9 billion) to small- and medium-sized enterprises to enable their recovery.

The banking system had given high priority for the property sector, but banks have reported that companies have no problem in repaying their debts, he said.

Nguyen Thi Hong, Deputy Chairwoman of HCM City, agreed with Quan and other officials about the bright economic situation.

Almost all targets have been met and even exceeded, she said, calling on the tax and customs departments to step up administrative reform to sustain the economic growth next year.

If they function better, enterprises can operate smoothly, contributing to the city's economic growth, several attendees said. — VNS

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