HCMC economy grows 10% yoy in Jan-Sep

HCMC’s real gross domestic product (GDP) growth in the first nine months of this year is estimated to have reached VND358.361 trillion, or a 10 percent year-on-year increase, according to the municipal Statistics Department.

Of the GDP growth contribution, non-state economic sector posted a rise of 12.2 percent and made up 2.2 percentage points, while the state economic sector contributed 7.8 percentage points of the city’s total growth.

The added value of service-commerce sector took the lead with roughly estimate of VND191.514 trillion, accounting for 53.4 percent of GDP and up 10.5 percent year on year.

It is followed by industry and construction sectors with VND163.776 trillion, accounting for 45.7 percent of GDP and up 9.6 percent year on year. Of which, industry rose 9.6 percent and construction increased 10 percent against the same period last year.

The added value of agro-forestry and fisheries was ranked 3rd with VND3.071 trillion, or 0.9 percent of GDP, up 5.8 percent year on year.

The city’s GDP is estimated to increase 10.2 percent this year, of which, the service-commerce sector is forecasted to reach the highest rise of 10.8 percent, followed by industry and construction and agro-forestry and fisheries with 9.7 percent and 5 percent respectively.

Hanoi’s GDP in the first nine months of this year has been estimated rise of 9.4 percent from the same period last year.

More FDI capitals poured in

As of September 15, HCMC has granted investment license for 239 foreign direct investment (FDI) projects capitalized at $1.778 billion with chartered capital of $456.4 million, decreasing 7.7 percent in volume but increasing 6.3 percent in value year on year, said the department.

Industry-processing sector continued to lead in terms of attractiveness with 30 FDI projects worth $1.09 billion, accounting for 61.7 percent, followed by real estate and consulting services with 98 projects valued at $363.3 million, accounting for 20.4 percent, and commerce sector with 59 projects worth $145 million, accounting for 14 percent.

Amongst foreign nations investing in the city in the first nine months of this year, Singapore remained the biggest foreign investor with 77 percent of total investment capitals, followed by Korea, Japan, Taiwan and Poland.

The city may have lured $1.98 billion worth of FDI capital, up 14.7 percent from the same period last year, in the first 9 months of this year. 73 existing projects registered to raise capital by $203.7 million.

The total number of valid projects in the city as of September 15 was 4,102 projects with total registered capital of $31.6 billion, up 7.5 percent in volume and 8.7 percent in value year on year.

Source Tuoitrenews

Tags: Vietnam economic, Vietnam economic growth, Vietnam economy, Vietnam economy 2011