HCMC GRDP Rises 1.02% in H1 amid COVID-19 Pandemic

9:47:15 AM | 8/7/2020

Gross Regional Domestic Product (GRDP) in Ho Chi Minh City increased 1.02% in the first half of 2020, according to the city Statistics Office.

HCMC GRDP rises 1.02% in the first half this year amid COVID-19 pandemic

Director of the Department of Statistics of Ho Chi Minh City Huynh Van Hung said amid difficulties due to the Covid-19 pandemic and oil price war the still managed to post positive economic growth which is a miracle.

Of this; agriculture, forestry and fishery saw the highest rise of 3.11%, while trade and service rose 0.67%, the lowest rise during the past 10 years, due to effects of the COVID-19 epidemic.

In addition, total retail sales of consumer goods and services reached VND614.6 trillion ($26.5 billion), down 3.7% compared to the same period last year, of which the accommodation and catering industry decreased by nearly half.

Remarkably, tourism revenue decreased by more than 71%. Revenue of freight transport agency services was estimated at above VND116.95 trillion ($5 billion), down 2% over the same period.

The city welcomed 1.3 million foreign tourist in first six months, a decrease of nearly 70%.

The bright side amid the pandemic was that exports still increase compared to the same period, up 5.5%.

For newly-established enterprises, from the start of the year to June 15, the city had 17,767 enterprises registering for establishment with a total capital of more than VND223.3 trillion.

Compared to the same period last year, business registration certificates decreased by 11.5% and registered capital dropped 30.5%.

Total implemented social investment capital during the period was estimated at VND173 trillion, equivalent to 26.6% of GRDP.

Ho Chi Minh City recorded 533 newly registered FDI projects with a total capital of nearly US$300 million, 93 times of projects adjusted capital for additional capital of nearly US$200 million and more than 2,200 times of capital contribution and purchase of shares with a total amount of US$1.52 billion.

The total FDI capital injected into the city in the last six months was about US$2 billion.

Source: VGP