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Ho Chi Minh City recovered earlier than expected

From growth of -11.64% in the fourth quarter of last year, HCMC’s GRDP in the first three months of this year increased to 1.88% over the same period, exceeding forecasts, according to Associate Professor Tran Hoang Ngan.

The above comment was made by Assoc. Prof. Dr. Tran Hoang Ngan, Director of Ho Chi Minh City Development Research Institute, at a meeting on the socio-economic situation in the area in the first three months of the year, on the afternoon of April 5.

According to Mr. Ngan, from a deep decline in the third and fourth quarters of 2021, respectively -24.97% and -11.64%, up to now, the city’s economy has gradually stabilized and grown positively. Economic results recovered evenly in all fields. Compared with the same period, total budget revenue increased by 9.41%; exports increased by 3.5%, imports increased by 18.4%; index of industrial production increased by 1.04%…

“In the first quarter, we forecast a slight negative growth, unexpectedly positive. This result shows that the economic recovery program of Ho Chi Minh City has been effective and ‘beyond the forecast’ of the institute”, Mr. Ngan said.





The central area of ​​District 1, February 2022.  Photo: Quynh Tran

The central area of ​​District 1, February 2022. Photo: Quynh Tran

According to calculations by the Department of Statistics, the city’s gross domestic product (GRDP) growth rate in the first quarter of this year was estimated to increase by 1.88% over the same period, lower than the growth rate of 5.46% in the first quarter. last year but 0.79% higher than the same period in 2020.

Sharing the same view, Director of the Ho Chi Minh City Department of Planning and Investment Le Thi Huynh Mai said that after a period of “unprecedented illness”, the city has recovered and prospered, showing its space, potential and strength. Business life is quite good.

“Ho Chi Minh City has achieved positive growth, this signal shows that the city is recovering quickly, earlier than expected,” Mai said, citing a 2.87% increase in the service sector over the same period, contributing to 96.8% on the growth rate of GRDP. Particularly, the city’s nine major service industries increased by 4.2%.

Up to now, over 98% of production facilities have opened factories and production workshops, allowing smooth and uninterrupted circulation of goods. Retail points, distribution systems, restaurants, hotels, food and beverage outlets… have reopened the whole system, conducting parallel business in both direct (offline) and online modes. online (online).

In addition, the city’s export activities are still affected by Covid-19, geopolitical fluctuations in some markets, but import and export turnover in the first quarter continued to maintain a recovery momentum. Total export turnover of enterprises in Ho Chi Minh City through border gates nationwide in the first three months of the year was estimated at 11.9 billion USD, up 3.5% over the same period last year.





Ho Chi Minh City budget revenue in the first 3 months of 2022. Graphics: Khanh Hoang

Ho Chi Minh City budget revenue in the first 3 months of 2022. Graphics: Khanh Hoang

Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen also expressed surprise when hearing this result. “Think about recovering but slowly but not so quickly. It is impossible to imagine the energy when recovering from businesses and people,” he said, but noted that departments are not too optimistic because the city is facing many problems. difficult.

According to Mr. Nen, Vietnam’s economy is deeply integrated with the world, so it is “very sensitive”. The general situation of the region and the world also has many unpredictable developments such as the Russia-Ukraine conflict, the risk of a re-emergence of Covid-19, inflationary pressure, and the impact of the implementation of the “Zero Covid” policy. of China…

Besides, despite the good economic growth in the first quarter, some areas of Ho Chi Minh City have not recovered as expected. Total retail sales of consumer goods and services in the first three months of the year were estimated to decrease by 4.8% over the same period, showing that consumer purchasing power has not fully recovered. Total foreign direct investment (FDI) is estimated to decrease by more than 40% over the same period last year.

Chairman of Ho Chi Minh City People’s Committee Phan Van Mai asked departments to analyze existing limitations to focus on solving in the second quarter. He further warned that the increase in raw material prices would lead to the risk of inflation, price storms, significantly affecting people’s lives.

Besides the objective factor, Mr. Mai said that an internal difficulty of Ho Chi Minh City is the departure of the Permanent Vice Chairman. Le Hoa Binh (in charge of urban areas) may affect the settlement progress of projects. So he suggested each person “carry” a little to do the job.

Thai Anh

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