HCM City economy remains on track

The municipal People’s Committee reviews the city’s socio-economic development in the first 10 months of 2017 - Photo: baocongthuong

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

“Domestic investment has increased significantly with new investment and added capital at 3.4 times last year’s figure,” Vo Van Hoan, head of the city’s People’s Committee Office, told the meeting. Nearly 34,000 new companies with a combined capital of 717.6 trillion VND (32 billion USD) have been licensed.

The city’s revenues in the first 10 months increased by 11.1 percent to 278.5 trillion VND (12.4 billion USD), or 80 percent 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 percent of the target.

Services and retail sales grew by 11.6 percent to 767 trillion VND (34.1 billion USD) and industrial output expanded by 7.75 percent.

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 percent.

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

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

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

Imports cost 35.17 billion USD, an increase of 15.4 percent.

“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 percent in the first three quarters of this year.