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City sees 8.7% growth in nine months

Update: September, 26/2012 - 10:55

 

People shop at a Co-op Mart Supermarket in HCM City. The city's gross domestic product (GDP) increased by 8.7 per cent in the first nine months of the year. — VNA/VNS Photo Thanh Vu
HCM CITY (VNS)— The city attained a gross domestic product (GDP) of VND404.7 trillion (US$19.4 billion) in the first nine months of 2012, a year-on-year growth of 8.7 per cent, according to the HCM City Department of Planning and Investment.

Speaking at a meeting between the National Assembly's Economics Committee and the city authorities last week, Thai Van Re, director of the Planning and Investment Department, said the city's GDP growth rate rose from 7.4 per cent in Q1, to 8.7 per cent in Q2 and 9.6 per cent in Q3.

Under the current global economic turmoil, these figures showed "reasonable" development of the city's economy, Re said.

The city is expected to achieve a GDP growth rate of 9.2 per cent for the whole year. This includes growth of 10.8 per cent in the services sector; 9.2 per cent in the industrial and construction sectors; and five per cent in the agricultural, forestry and fisheries sector.

Per capita income for the year is estimated at US$3,700.

The city's tax collection is expected to reach almost VND216 trillion (US$10.3 billion) for the year, accounting for 92.4 per cent of the target, and an increase of 5.4 per cent over 2011.

Re said the city is likely to meet 25 of 30 targets set for 2012. The targets that cannot be reached include: GDP growth (10 per cent); export turnover growth; tax collection and the reduction of polluting enterprises.

Speaking at the meeting, Le Hoang Quan, Chairman of HCM City People's Committee, said that in the third quarter of 2012, municipal authorities have taken measures to help businesses overcome difficulties.

These include promotion campaigns, including the ongoing Sales Promotion Month that was joined by over 7,000 businesses selling their goods at over 2,700 shops and outlets.

To reach 9.2 per cent GDP growth for 2012, the city must attain a GDP growth of 10.3 per cent in Q4, he said.

The city would try its best to mobilise resources, including the issuance of bonds worth VND5 trillion, which can help reach a GDP growth rate of 9.5 per cent this year, he said.

Quan said the fuel price hikes in September impacted various economic sectors, forcing the city's CPI (consumer price index) up by 1.21 per cent compared with August 2012, and by 3.38 per cent compared with December 2011.

"The National Assembly should ask the Government to take measures to stabilise the country's macro-economy," said Quan.

"Measures should also be taken to put prices of essential goods under control in order to prevent chaos and create favourable conditions for businesses and consumers in the last months of the year," he added.

Nguyen Van Giau, Chairman of the NA's Economics Committee, said HCM City's achievements would contribute significantly to and play an important role in meeting the country's socio-economic development goals this year. — VNS

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