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Vietnam Today

HCMC's economy growing strongly

Released at: 18:20, 26/03/2016

HCMC's economy growing strongly

Indicators all good news for southern economic hub.

by Minh Tuyet

Ho Chi Minh City’s gross regional domestic product (GRDP) was estimated at VND221.816 trillion ($9.93 billion) in the first quarter of this year, an increase of 7.1 per cent against the same period in the base year and higher than the 6.9 per cent recorded in the first quarter of last year, according to a report on the city’s socio-economic situation in March.

The service sector grew 7.8 per cent, the industry sector 6.25 per cent, and the construction sector 6.25 per cent.

Revenue from retail in March was VND53.35 trillion ($2.38 billion), 0.6 per cent higher than in February. First quarter retail revenue totaled VND175.123 trillion ($7.8 billion), an 11.6 per cent increase compared to the same period of the base year.

Export turnover from the city’s enterprises in March was estimated at some $2.4 billion, a 29 per cent increase compared to February and 1.1 per cent higher than in March in the base year. The first quarter figure was around $6.7 billion, a 0.1 per cent increase compared to the same period of the base year. Excluding crude oil the figure was about $6.2 billion, a 7.8 per cent increase.

The city’s CPI in March rose 0.09 per cent against February.

The industrial development index increased 30.7 per cent in March compared to February. Sectors recording strong growth included food processing, textiles, and clothing. The index is estimated to have increased about 5.72 per cent in the first quarter compared to the same period of the base year.

The structure of the agriculture sector moved towards urban agriculture. As at the end of March crops accounted for some 23.7 per cent, animal breeding about 35.7 per cent, aquaculture about 32.1 per cent, and agriculture services around 8.1 per cent.

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