HCM City enjoys robust economic achievements

Ho Chi Minh City recorded key economic achievements in the first five months of 2018.

According to report from the municipal Department of Planning and Investment, total revenue from retail trade and services reached nearly VND 84.5 trillion (USD 3.72 billion) in May, bringing total earnings for January-May to VND 421.9 trillion (USD 18.56 billion), or 11.9 percent higher than the same time last year.

Total budget collection was estimated at more than VND 154.3 trillion (USD 6.79 billion), 41 percent of the annual target.

The city raked in USD 14.5 billion from exports, a year-on-year rise of 5.5 percent. Strong export growth was recorded in Hong Kong (China) with 17 percent, Taiwan (China) with more than 60 percent and Indonesia with more than 78 percent. Meanwhile, shipments to the US, the Philippines, Singapore, Malaysia and Germany were stagnant in the period.

It spent in excess of USD 18 billion on imports of equipment and material for production like machines, tools and spare parts.

Ho Chi Minh City licensed the establishment of 16,493 domestic firms with total registered capital of VND 185.5 trillion (USD 8.16 billion). Meanwhile, the city secured USD 1.85 billion in foreign investments from January-May, up 34.7 percent compared to last year’s same period.

Source: VNA