Ho Chi Minh City’s economy growing in 10 months

Director of the municipal Department of Planning and Investment Le Thi Huynh Mai said the city's industrial production index for October rose by an estimated 2.4% month on month and 10.6% year on year.

The mining industry grew by 6.1% monthly and 8.9% annually. Meanwhile, the processing and manufacturing industry expanded by 2.5% and 11.1%, respectively, electricity production and distribution sector down 1.1% compared to the previous month but up 5% year on year.

In the first 10 months, the index rose by 3.7% annually. Among the four key industries, the industrial production grew by 6.3%. Specifically, the pharmaceutical industry saw a 19.2% increase, mechanical industry 7.4%, electronic 6.0%.

The total retail of goods and services during the period was estimated at over 978.6 trillion VND (40.77 billion USD), representing a 9.2% increase compared to the same period last year.

Foreign tourist arrivals in the city hit over 4.12 million, up 55.3%. The total tourism revenue surpassed 140 trillion VND, showing a 32.6% growth year on year.

As of October 20, the city granted licenses to 42,670 businesses, up 15.2% annually. Their registered capital reached over 386.5 trillion VND.

In terms of public investment disbursement, the figure stood at over 36 trillion VND, up 55.9% year on year.

However, Mai admitted that exports dropped by 13.4% annually in the past 10 months. The number of newly-established firms increased in quantity but decreased in registered capital while the number of businesses temporarily suspending their operations rose by 29.5%.

In addition, foreign direct investment attraction saw a significant decrease of 32.3%, reaching only around 2.31 billion USD.

Chairman of the municipal People’s Committee Phan Van Mai said in the final months of this year, the city will resolve difficulties faced by businesses and real estate market, step up infrastructure and urban development, stimulate consumer demand and develop tourism towards the end of this year.

The city remains committed to achieving a public investment disbursement of 95% of the assigned target. For certain projects facing particular challenges, the disbursement rate should reach above 80%, he said.