Wednesday, November 22 2017

VietNamNews

HCM City economy remains on track: meeting

Update: October, 31/2017 - 07:00
Cranes unload goods at Cát Lái Port in HCM City. The city’s imports in the first 10 months of this year cost US$35.17 billion, an increase of 15.4 per cent. — VNA/VNS Photo Hoàng Hải
Viet Nam News

HCM CITY — Foreign and domestic investment in HCM City has significantly increased and industrial production remains robust, a meeting to review the city’s socio-economic development in the first 10 months of this year yesterday heard.

According to a report from the city People’s Committee, foreign investment doubled from the same period last year to US$5 billion, including in some giant projects such as the smart complex ($886 million) in the Thủ Thiêm Urban area and KNT Asia ($215 million).

“Domestic investment has increased significantly with new investment and added capital at 3.4 times last year’s figure,” Võ Văn Hoan, head of the city’s People’s Committee Office, told the meeting. Nearly 34,000 new companies with a combined capital of VNĐ717.6 trillion ($32 billion) have been licensed.

The city’s revenues in the first 10 months increased by 11.1 per cent to VNĐ278.5 trillion ($12.4 billion), or 80 per cent of the full-year target.

Job creation, vocational training and support for poor people have been done efficiently to ensure social welfare.

The number of jobs created rose marginally to 273,225, or 98 per cent of the target.

Services and retail sales grew by 11.6 per cent to VNĐ767 trillion ($34.1 billion) and industrial output expanded by 7.75 per cent.

The city’s four key industries -- engineering and automation; electronics; chemicals, rubber, plastics; and food processing -- continued to perform strongly, expanding markets, investing in technology and improving quality and competitiveness, growing at 12.7 per cent.

Electricity supply grew by 4.9 per cent to 19 billion kWh. The rate of electricity loss fell by 0.34 percentage points to 4.12 per cent.

Exports were worth around $29.15 billion, an increase of 13.3 per cent. Exports to some markets grew significantly, including to Singapore (86.3 per cent), Myanmar (65.6 per cent), India (35.5 per cent), Malaysia (34.9 per cent), Thailand (34 per cent), and China (22.6 per cent).

Exports of rubber increased by 32.6 per cent and of computers and electronics, by 29.6 per cent.

Imports cost $35.17 billion, an increase of 15.4 per cent.

“Authorities have paid close attention to the environment, flooding and the traffic situation,” Hoan said.

“However, poor management and cumbersome administrative procedures are still very common in many areas.

“The city is working with relevant authorities to improve State management in all fields from now to the end of this year.”

The city’s economy had grown by 8 per cent in the first three quarters. — VNS

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