A view of HCM City at night. The city is expected to face economic headwinds during the rest of this year. (Photo: VNA)
HCM City (VNS/VNA) – Ho Chi Minh City’s economic growth is expected toclimb to 5.87% in the second quarter of 2023, its leader has said.
It was only 0.7% in the first quarter.
Speaking at a meeting on May 30, Phan Van Mai, Chairman of the municipal People’sCommittee, said the city’s economic growth in the first half is expected to be3.55%.
Public spending in the first five months is expected to be worth 10.2 trillion VND(436.4 million USD), up 24% year-on-year, he said.
The global economic decline and high inflation will continue to affect thecity’s economy across the board, hindering its recovery, he said.
In May, the index of industrial production (IIP) rose by an estimated 1.5% month-on-monthand 5.5% year-on-year.
It was up 1.6% year-on-year in the first five months.
The services sector is expected to post the highest growth rate in the secondquarter of 7.6%.
Retail sales of consumer goods and services rose by 10% in May and 6.2% in thefirst five months.
Headwinds ahead
Experts have warned the city would continue to face headwinds for the rest of2023 due to the impacts of the global recession and inflation.
The city’s real estate, stock and bond markets have slumped, they said.
Many firms lack export orders, and the situation is unlikely to improve thisyear.
Many have also complained that while the central bank has steadily cut rates,bank lending interest rates remain too high.
The country’s largest city has lowered its growth target for 2023 to 7.5-8%from 9% last year.
Vietnam’s GDP growth slowed to 3.32% in the first quarter, the second lowestrate in 12 years./.
Nine pedestrian bridges are being built over Hanoi Highway in Ho Chi Minh City to serve passengers at nine of the 11 elevated stations of the first metro line here, the HCM City Management Authority for Urban Railways has said.
The Ho Chi Minh City Department of Tourism held a conference on May 31 to discuss the application of the ASEAN Tourism Standards and launch the ASEAN Tourism Awards among businesses in the sector.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
A view of HCM City at night. The city is expected to face economic headwinds during the rest of this year. (Photo: VNA) 
