Ho Chi Minh City continues to assert itself as economic spearhead

Ho Chi Minh City is expected to reach 10 out of 13 key targets despite difficulties and challenges both domestically and internationally. One outstanding result is that the proportion of the city’s economy in the national economy continues to rise and now accounts for more than 22%.

In the first seven months of this year, the export turnover of goods from Ho Chi Minh City enterprises stood at more than 24.7 billion USD, up 5.8% against the same period last year.

Despite such figure, the COVID-19 pandemic has hit the city hard. From averaging 8.27% growth each year in the 2016-2019 period, the figure for 2020 has been forecast at about 5%.

Though growth is down, the proportion of the local economy in the national economy continues to rise. In 2019 it accounted for more than 22% as compared to 17%  in 2000.

Accounting for nearly a quarter of national GDP is a remarkable effort. Along with substantial contributions from State and non-State economic sectors, the FDI sector has also seen steady growth.

The city has shifted notably towards attracting high-quality, high-tech, and high added-value FDI investment in recent years.

Ho Chi Minh City is calling for investment both at home and aboard to further develop and become a high-tech economy.

The city is making every effort to overcome the difficulties and actively respond to the need for economic recovery post-pandemic. It continues to focus efforts on remaining an economic spearhead that helps Vietnam fully recover./.


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