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HCMC Experiencing Strong Economic Growth in 2014

Ho Chi Minh City is currently experiencing a period of strong economic performance, according to a report from Vietnam Briefing, with a diverse set of business sectors seeing “robust” growth compared with last year.

From January to February, the city has seen an 11.8% growth rate in sales and services revenue over the same period last year, valued at US$4.9 billion.

In addition, HCMC has experienced a year-on-year increase of 14.7 percent in exports, reaping around US$1.8 billion in February.

The agricultural sector is also showing strong development with year-on-year growth of 6.3%, a trend enjoyed by the country as a whole. Vietnam Briefing attributes this growth to the impending Trans-Pacific Partnership which, if adopted, would make the sector, “increasingly enticing.”

Tourism has also been strong this year with February’s tourist numbers seeing an 11% year-on-year increase.

Finally, HCMC has “granted business licenses to over 2,700 enterprises with a total registered capital of over VND 14.36 trillion. It is estimated that these newly created businesses have created 25,000 new jobs.”

To take advantage of this momentum, the Municipal People’s Committee has put forward a list of goals for next month, including:

• Stabilizing the macroeconomic situation;
• Ensuring social welfare;
• Curbing inflation;
• Stabilizing local consumer demand and prices; and
• Creating advantageous conditions for businesses to increase their production and market share.

 

[Vietnam Briefing // Image via Michael Wabel]

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