City economy grows 8.9 per cent

Update: September, 30/2014 - 08:33
A stretch of Nguyen Van Linh Boulevard in HCM City. Most the city's economic targets for the year have been reached with growth rates higher than in 2013, according to figures released at a Party Committee meeting yesterday. — VNA/VNS Photo Kim Phuong

HCM CITY (VNS) — HCM City's economic output in the first nine months of 2014 was VND593.5 trillion (over US$28.1 billion), an increase of 8.9 per cent year-on-year, according to the HCM City People's Committee, which released the figures at a Party Committee meeting yesterday.

"Most economic targets were reached with growth rates higher than in 2013," Le Hoang Quan, chairman of the city People's Committee, said in a report released at the opening session of the meeting.

"They indicate the recovery of the business sector."

In the period retail sales rose 12.5 per cent to VND416.15 trillion (US$19 billion), and industrial production by 6.8 per cent.

Exports topped $23.8 billion, a 3.5 per cent rise. Exports of coffee were up 35.58 per cent, while those of rice, garments, seafood, and footwear rose by 15.25 per cent to 4.62 per cent.

This year the city has licensed 292 FDI projects with total investments of $1.23 billion, a year-on-year increase of 67.7 per cent. Another 88 foreign projects were allowed to increase their capital by $218 million.

Nearly 17,000 local businesses with total capital of nearly VND93 trillion (US$4.3 billion) were also licensed, a year-on-year increase of 5 per cent in investment.

City authorities promised measures to help the business sector boost production and trade in the last quarter.

They include measures to develop the major hi-tech industries, drafting plans for developing supporting industries, approving measures to stimulate demand, and acting as a bridge between banks and the business sector.

Priority would be given for financial support for companies in agriculture and rural development, exports, supporting industries, and hi-tech, Quan said.

"With the growth rate in August reaching 10.3 per cent, HCM City is expected to attain a growth rate of 9.5 per cent in the last quarter," he added. — VNS