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First-half GRDP in HCMC grows 7.47%

Date: 6/22/2016 12:53:12 AM

HCMC’s gross regional domestic product (GRDP) in the January-June period is estimated at nearly VND477 trillion (around US$21.4 billion), rising by 7.47% year-on-year, heard a review meeting on June 20.

The HCMC Department of Planning and Investment said at the review meeting on socio-economic performance in the first half of this year that the service, manufacturing, construction and agriculture sectors have posted positive growth.

The department’s deputy director Tran Thi Binh Minh said high growth was also reported in other sectors in the period. For instance, total retail sales of goods and services have expanded by 11.3% to nearly VND348 trillion, exports have grown by 11.3% to US$14.8 billion and imports have climbed by 7.9% to US$17.3 billion.

Budget collections in HCMC in the six-month period have totaled VND143.965 trillion, up 8% year-on-year and meeting 48.26% of the full-year target.

The January-June period has seen domestic tax revenue picking up 18%, tax collections from exports and imports increasing by 5.7%, and tax collections from crude oil tumbling 43.6% over last year’s same period.

In the first six months, capital mobilization and outstanding loans have gone up compared to end-2015 and last year’s same period.

In particular, credit institutions in HCMC have mobilized VND1,658 trillion in the year to June, up 5.8% against late last year and 17.09% over the same period a year ago. Deposits in Vietnam dong have grown faster than those in foreign currency and made up over 86% of total mobilized capital.

Meanwhile, outstanding loans in the first six months are projected to rise by 16.42% to VND1,319 trillion. Bad debt had been recorded at 4.47% as of April, up 55 basis points against 2015.

Interest rates in HCMC have been adjusted down to spur lending to corporate clients and credit has mainly gone to business and production.

Talking about the tasks for the second half of the year, Minh said HCMC would make greater effort to expand regional markets, increase the manufacturing and processing of products and coordinate with other provinces in developing areas to produce clean food products.

In addition, the city will stand firm on handling bad debt and improving credit quality, promoting non-cash payments and applying modern technologies.

The city will continue removing difficulties for enterprises, monitoring gold and foreign currency markets, and dealing with problems.

(Source:english.thesaigontimes.vn)

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