Vietnam's Largest Economic Hub Posts 11.2 per cent GDP in First Half

Ho Chi Minh City, the country’s largest economic hub, has posted an 11.2 per cent growth rate of gross domestic product to VND98.85 trillion (US$6.17 billion) in the first half of this year, up from 10.5 per cent of 2006, thanks to its high growth rate of services and trade sectors, state media reported Monday.

 

The services rose 12.5 per cent to VND49.03 trillion, accounting for 49.5 per cent of the city’s GDP, up from 10.5 per cent of last year, followed by industrial and construction sectors of VND48.78 trillion, representing 49.3 per cent.

 

The retailing and services sectors increased 27 per cent, up from 20.4 per cent on year. The tour operators saw 22.8 per cent growth, hotelier soared 42.5 per cent. The city welcomed 1.28 million foreign tourist arrivals.

 

Exports excluded crude oil revenue reached US$2.8 billion, up 9.6 per cent on year.

 

The city’s investment capital reached VND383.96 trillion, the outstanding loans provided by credit institutions were VND288.1 trillion, an on-year rise of 47 per cent.