HCM City: Q1 economic growth highest in four years
Ho Chi Minh City’s gross regional domestic product (GRDP) was estimated at over 406.34 trillion VND (16.34 billion USD) in the first quarter, a year-on-year increase of 6.54%, the highest growth recorded for Q1 since 2020, heard a meeting of the municipal People’s Committee on April 2.
HCM City (VNA) – Ho Chi Minh City’s gross regionaldomestic product (GRDP) was estimated at over 406.34 trillion VND (16.34 billion USD)in the first quarter, a year-on-year increase of 6.54%, the highest growth recorded for Q1 since 2020, heard a meeting of the municipal People’s Committee on April 2.
The service sector remained the key locomotive of the city’s economic developmentduring January – March, contributing 71.6% to the growth and accountedfor 65.5% of the economic structure.
Meanwhile, industry posted positive expansion and contributed 16.4% to theoverall growth. The local index of industrial production climbed 5.1%, higher thanHanoi with 3.6%, Da Nang 0.6%, Can Tho 2.1% but lower than Hai Phong 12.6%.
State budget collection was also a bright spot with more than 138.54 trillionVND, rising 7.6% against the same time last year.
The city gained 10.1 billion USD from exports and spent 13.1 billion USDon imports, year-on-year increases of 7.5% and 3.1%, respectively.
Earnings from tourism grew 23.8% to an estimated 44.71 trillion VND.
During the period, there were 12,433 enterprises entering the market,registering 106.12 trillion VND in capital, up 12.01% in enterprise number and8.47% in capital from the same time last year. However, 15,600 firms haltedtheir operation, expanding 20.64% year-on-year.
Despite sound economic situation in Quarter 1, Chairman of the provincialPeople’s Committee Phan Van Mai pointed to several challenges thathampered economic growth, including low credit growth, a sluggish recoveryof the realty market, and a fall in FDI attraction.
He called on competent departments and sectors to pen solutions to thecurrent problems so as to achieve better economic performance in the followingquarters.
꧅ He particularly stressed that the city must disburse 73 trillion VND in public investment by the endof the year, asking districts and relevant sectors to join hands to removebottlenecks to realise the set target./.
Chairman of the Ho Chi Minh City People’s Committee Phan Van Mai suggested the city and Canada strive for bilateral trade of over 1 billion USD while receiving Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng on March 28.
Ho Chi Minh City and the US state of Indiana have the potential for cooperation in many fields, particularly industrial production, agriculture, education, and healthcare, said Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan at a meeting with US Senator from Indiana state Todd Young on March 29.
Southern localities’ tourism sector has recorded impressive results, indicating sustained growth in the first quarter of 2024 thanks to efforts to diversify products and take several solutions to address challenges and difficulties facing the industry.
Nearly 36,200 job seekers in Ho Chi Minh City in the first quarter of this year are well educated and possess prior training, accounting for 97.21% of the total number, according to the Centre of Forecasting Manpower Needs and Labour Market Information (Falmi) on April 1.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
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.
A corner of HCM City (Photo: VNA)
