HCM City reports economic expansion in first seven months
Ho Chi Minh City continued recording economic growth in July and the first seven months of 2018, with the economic structure shifting strongly, the municipal People’s Committee reported.
Chairman of the HCM City People’s Committee Nguyen Thanh Phong speaks at the meeting held by the administration on August 2 (Photo: VNA)
HCM City (VNA) – Ho Chi Minh City continuedrecording economic growth in July and the first seven months of 2018, with theeconomic structure shifting strongly, the municipal People’s Committeereported.
At a meeting on August 2, Deputy Director of themunicipal Department of Planning and Investment Nguyen Thi Thu Hoa said totalretail sales of goods and services revenue in July were estimated at 87trillion VND (3.73 billion USD), up 1.1 percent from the previous month. Itadded up to the seven-month figure of 595 trillion VND (25.49 billion USD), up12.5 percent year on year.
Total listed stock value approximated 707.5 trillionVND (30.3 billion USD), up 2.13 percent from June. More than 154 million sharesworth almost 3.85 trillion VND (165 million USD) were traded on the local stockexchange daily.
Last month, HCM City also permitted 1,628foreign investors to contribute capital and buy shares at domestic firms withregistered capital of 3.73 billion USD. They focused on property, science-technology,wholesale and retail and accommodation and hospitality services.
Director of the municipal Department of Industryand Trade Pham Thanh Kien said the local industrial production index grew by7.33 percent between January and July, compared to the same period last year.
Key industries, including mechanicalengineering, electronics, chemical – rubber – plastics and food processing,continued to expand their markets, reform equipment and improve quality andcompetitiveness.
Trading activities also grew, ensuring goodssupply for consumers, Kien noted.
At the meeting, Chairman of the municipalPeople’s Committee Nguyen Thanh Phong affirmed that HCM City recorded stableeconomic growth in the seven months. He attributed increased budget revenue toefforts to improve the business climate.
Meanwhile, foreign direct investment into thecity was mainly driven by capital contribution and share purchases, whileinvestment in new projects was very low at less than 1 million USD eachproject, he noted. –VNA
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Chairman of the HCM City People’s Committee Nguyen Thanh Phong speaks at the meeting held by the administration on August 2 (Photo: VNA) 
