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HCM City nears double-digit growth

Update: November, 27/2012 - 10:08

HCM CITY (VNS)— HCM City's economic output is expected to rise by 9.2 per cent this year to VND595.37 trillion (US$28.3 billion), according to the municipal People's Committee.

In a report tabled at the opening session of the city Party Committee yesterday, Chairman Le Hoang Quan said the services sector would expand by 10.2 per cent; industrial and construction sector by 8 per cent; and agriculture, forestry and fisheries by 5.1 per cent.

Retail growth will be 17.3 per cent, and exports, $30.2 billion, a year-on-year increase of 7.4 per cent.

After the city authorities improved the market and price management, prices rose by less than 5.5 per cent this year, well below the targeted 7 per cent.

The city's tourism sector saw solid growth, contributing significantly to the restructuring of the economy and maintaining its top position in the country.

The city welcomed some 3.8 million foreign visitors, a year-on-year increase of 8 per cent, and reported total revenues of VND74.8 trillion for the city's tourism sector, a 21 per cent increase.

It took measures to combat difficulties and attain stable growth, thus abetting the nation's efforts to bring inflation under control, Quan said.

Though economic growth this year GDP has fallen from last year's 10.3 per cent, the 9.2 per cent growth rate reflects the great efforts by the city.

The rate is 1.77 times that of the nation's, and has come at a time of global turmoil, the report said.

Targets for 2013

In 2013 the city aims to improve the quality of growth, restructure and stabilise the economy, reduce inflation further, and boost GDP growth, Quan said.

The city will focus on six breakthrough programmes to ensure sustainable development of its economy and create the impetus for successful implementation of its 2011 – 15 socio-economic plans.

It targets GDP growth of 9.5-10 per cent next year, thus achieving per capita income of $4,000. — VNS

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