Economic development of Ho Chi Minh city
Ha Noi, June 17 (VNA) -- Ho Chi Minh City has turned in solid economic growth so far this year, with the southern powerhouse's performance fuelled by strong exports.
Exports hit USD 2.7 billion in the first five months, registering year-on-year growth of 18.9 percent, Viet Nam News reports.
State-owned enterprises sent USD 2.2 billion worth of goods offshore, up 21.9 percent on last year's tally. This figure made up 80.9 percent of the city's total haul.
The foreign-invested economic sector generated USD 518.7 million, booking growth of 19.3 percent and accounting for 19.1 percent of the total, the municipal Department of Trade reported.
Industrial products were the largest export earners, generating USD 2 billion worth after growth of 20.9 percent.
Agricultural products turned in USD 116.7 million in exports after growth of 3.3 percent. Seafood exports netted the city USD 80.2 million, up 2.4 percent.
The city's major foreign trading partners were Japan, Taiwan, the Republic of Korea, Singapore, Malaysia, Indonesia, Germany, Russia and the United States.
Imports during the same time-frame reached USD 1.5 billion, with raw steel, fertilizer, fuel and fibres making up the bulk of trade.
The month of May saw a slowdown in exports, with domestic enterprises sending USD 548.6 million offshore-6.6 percent down on April's figures.
Local firms imported USD 313.6 million worth of goods, up 1.2 percent over April.
Cash registers were ringing in the retail trade, but the growth has slowed.
Ho Chi Minh City residents forked out VND 61.8 billion for merchandise over the five-month period, 4.4 percent higher than last year's figure.
The total turnover in retail sales and services was more than VND 25.4 billion, up 7.2 percent.
Private enterprises clocked up VND 22 billion worth of sales, up 6.8 percent year-on-year. State-owned firms managed sales of VND 39 billion, up 3.1 prcent.
The foreign-invested economic sector sold VND 676 billion worth of commodities, turning in strong growth of 31.3 percent over the same period in 2000.
But turnover fell at most city-based supermarkets. May's takings were down 15 percent on April.
Many firms rushed to organise sales promotions to attract customers, but only a few supermarkets - Nguyen Dinh Chieu, Dinh Tien Hoang, Cong Quynh, and Maximart - maintained growth.
Commercial centres in the city ran into a similar situation, their turnover dropped from 5-15 percent on the previous month.
The consumer price index in the city rose slightly, increasing 2.3 percent over the corresponding period last year.
The exchange rate on the US dollar continued to increase and the price of gold rose sharply in mid-April before stabilizing again at the end of the month.
The city's Planning and Investment Department granted 236 business licenses in May, taking the total number of businesses registered there to 9,255.--VNA
