HCM GDP grows at 11.8% in 2010

Ho Chi Minh City (HCMC) Gross Domestic Product (GDP), one of the two biggest cities in Vietnam, is likely to expand 11.8% on year to VND414,068 billion in 2010

Ho Chi Minh City (HCMC) Gross Domestic Product (GDP), one of the two biggest cities in Vietnam, is likely to expand 11.8% on year to VND414,068 billion in 2010, the online newspaper DVT reported on Jan 4, citing the Statistical Office in Ho Chi Minh City.

By the quarter, the city’s economy rose 13% in the fourth quarter, the highest rate from the beginning of the year. HCMC economy has expanded 11% in the first quarter, 11.1% in the second one and 11.6% in the third quarter.

The sectors saw the highest increase are estimated to be service (+11.9%), industry and construction (+11.3%), agriculture (+5.2%).

Service, industry and construction, and agri-forestry and seafood sectors are estimated to contribute 6.56%, 5.15% and 0.07% to the city’s GDP, respectively.

The city is expected to show a budget surplus and many investment projects are also estimated to has been completed.

In the past two quarter, HCMC posted a budget surplus of VND85.07 trillion after collecting VND118.68 trillion tax revenues and spending VND33.61 trillion. Total investments were VND95 trillion, increasing 17.7%.

Total retail sales of goods and services in Ho Chi Minh City were estimated to reach VND268.886 billion on year. The city’s export revenue was around $15.78 million while import value stood at approximately $15.47 million. The tourism revenue was around VND28 trillion, up 13.9% on year.

HCMC GDP is estimated to expand 13% to $23.8 billion in 2011, the Department of Planning and Investment also forecast. – Stoxplus.com

Tags: Vietnam economic, Vietnam economy, Vietnam GDP, Vietnam GDP 2010