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Ho Chi Minh City’s GRDP grows by 6.46% in H1

Ho Chi Minh City’s GRDP grows by 6.46% in H1

Saturday, July 06, 2024, 10:42 GMT+7
Ho Chi Minh City’s GRDP grows by 6.46% in H1
This image shows workers at a garment enterprise in Ho Chi Minh City, southern Vietnam. Photo: T.V. Nghi / Tuoi Tre

Ho Chi Minh City’s gross regional domestic product (GRDP) value in the first six months of 2024 reached VND567,648 billion (some US$22 billion), marking a year-on-year increase of 6.46 percent, slightly higher than the country’s overall GDP rate, the municipal’s statistics agency has reported. 

The city’s GRDP growth was 0.04 percentage point higher than the whole country’s GDP rate but was lower than the goal of 7.5-8 percent rate set for the year, the Ho Chi Minh City Statistics Department said, commenting that the city's economy is recovering despite facing many challenges. 

The city’s industrial production index (IIP) increased by 5.6 percent from a year earlier, the highest rise in the last three years.

Total retail sales of goods and service revenue increased by 10 percent year on year, with its nine key service industries growing positively, contributing 60 percent to its GRDP.

Of these industries, the transportation and warehousing sector took the lead with a growth of over 18 percent and real estate posted the lowest growth of nearly three percent.  

From the beginning of this year to June 20, the city licensed 25,248 new businesses with a total registered investment capital of VND214,700 billion ($8.35 billion), an increase of nine percent in number of licenses and one percent in capital.

Total state budget revenue over the period was estimated to reach VND264,400 billion ($10.27 billion), reaching 55 percent of the year’s estimate and expanding by 16 percent over the same period last year. 

Local budget expenditure was estimated at VND36,590 billion ($1.42 billion), representing 25 percent of the year’s plan and increasing 37 percent year on year.

According to a recent survey on the business trends of enterprises in the city’s processing and manufacturing industry, about 37 percent of the respondents said their operations in the second quarter were better than that in the first quarter, 37 percent said their business results were the same, and 26 percent said they faced more difficulties than the previous quarter. 

The Asian Development Bank (ADB) has recently forecast an overall GDP growth of 4.6 percent for Southeast Asia in 2024, which is lower than the six-percent growth projected for both the Philippines and Vietnam – the highest growth in the region.

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Vinh Tho - Thao Le / Tuoi Tre News

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