Notably, the non-state sector posted a growth rate of 7.3 percent and the foreign-invested sector up 7 percent while state sector was down 3.2 percent.

Quach To Dung, deputy director of the municipal Department of Industry and Trade said that the recovery is attributed to the efficiency of the government’s stimulus packages.

As of July 15, HCM City disbursed more than VND76,110 billion in loans from the government’s stimulus packages. The municipal people’s committee also poured VND5,000 billion from its budget into priority projects in construction, investment, and technological renovation.

Ms Dung said from now till the end of the year, HCM City will continue to remove difficulties for enterprises in terms of capital, production, and expansion of consumption market.

In addition, it will actively help enterprises access subsidised loans from the government’s and the city’s stimulus packages.

The city will also help enterprises expand export markets to promote trade activities overseas and secure traditional markets such as the US, Japan and Russia as well as seeking new outlets in Europe, the Middle East and Africa.