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HCM City: Economy maintains momentum

Ho Chi Minh City recorded strong economic growth in the first four months of 2015, according to a report from the municipal Department of Planning and Investment released on April 23.

Retail and service revenue totalled more than 221.4 trillion VND (10.3 billion USD) within the period, an annual rise of 10.7 percent.

However, four-month export turnover amounted to 9.29 billion USD, a 3.4 percent reduction from 2014.

The fall in exports was fuelled by decreased volume of crude oil, explained Head of the department Thai Van Re. Excluding crude oil, the total export revenue marked 8.03 billion USD, increasing 8.3 percent year-on-year thanks to the annual 12.2-percent growth in industrial products, he added.

As of April 20, there were 158 licences granted to new foreign-funded projects worth 615.3 million USD and additional investments poured into 52 existing projects.

During the period, 8,823 domestic enterprises were founded with registered capital amounting to approximately 47 trillion VND (2.2 billion USD).

The city collected some 98.2 trillion VND (4.6 billion USD) for the State budget, up 9.36 percent annually, said Director of the municipal Finance Department, Dao Thi Lan Huong.

To maintain the current economic momentum, the southern hub’s authorities will press ahead on a number of measures including enhancing traditional markets, seeking new potential markets and launching a range of trade promotion campaigns to boost local business performance.-VNA