City’s GDP up 10 percent in nine months

(VOV) – Ho Chi Minh City continued to maintain its socio-economic growth despite high inflation and challenges in the first nine months of the year.

The citty’s total Gross Domestic Product (GDP) reached more than VND358,000 billion, a rise of 10 percent, with the service sector up 10.5 percent, industrial and construction up 9.6 percent, and agriculture up 5.8 percent.

Meanwhile, total retail sales of goods and services reached VND331,887 billion, up 23.8 percent. Total exports of goods was US$20.3 billion, up 19.3 percent, while total revenues from tourism stood at VND41,241 billion, up 28.9 percent.  State budget collections were estimated at over VND110,000 billion, up 15.9 percent, while the revenues from the foreign-invested sector hit US$2.13 billion, an increase of 36.68 percent against the same period last year.

The city’s leaders asked relevant agencies to regularly monitor prices and the supply and demand of goods, and to inspect essential foods and consumer goods. Thanks to the effective market stabilization programme, the prices of goods in the city have increased only slightly, which has contributed to curbing inflation.

The city has implemented Resolution 11/NQ-CP by cutting over VND441 billionworth of investment capital of 92 unnecessary projects. It has also tried to practice thrift and avoid wastefulness by not accumulating about VND212.358 billion worth of non-essential assets.

HCM City also paid special attention to promoting trade to help businesses seek opportunities for cooperation, boosting investment and trade, and sharing information on policies. Investment capital flowing into the country and export turnovers have increased remarkably over last year, contributing to maintaining production and business activities, generating jobs, ensuring State budget collections and stabilizing the macro-economy.

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

Posted by VBN on Sep 27 2011. Filed under Economy News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry