In the first quarter of the past, Ho Chi Minh City’s economy grew positively. The city’s gross domestic product (GDP) is estimated to increase by 1.88% in the first quarter of 2022 over the same period.

During the press conference on the socio-economic results of the first quarter of 2022 and the 5th session of the People’s Council of Ho Chi Minh City, term X which will take place in the afternoon of April 7, Mr. Dang Quoc Toan, head of the Office of the People’s Committee of Ho Chi Minh City, released the report. Ho Chi Minh City’s socioeconomic performance in the first quarter of 2022. In general, the economic recovery and development of the city has undergone many quite extensive improvements in the first quarter; All areas have experienced good growth, especially since March, demonstrating that the city’s direction and management solutions have delivered positive results in many areas.

The growth rate of gross domestic product (GDP) in the first quarter of 2022 is estimated to increase by 1.88% Over the same period. From a deep decline in the third quarter and fourth quarter of 2021, -24.97% and -11.64% respectively, the city’s economy has now achieved positive growth, signaling that the city is recovering faster than expected. The total realized revenues of the state budget are estimated at 121,000 billion VND, reaching 31.31% from the estimate, up 9.41% Over the same period.

Ho Chi Minh City's Key Projects in Q2 - Photo 1.

Ho Chi Minh City Press Conference To Announce Socio-Economic Outcomes In Q1 2022

The city is effectively enforcing the market stabilization program; While the growth rate of the tourism industry has slowed compared to the same period last year, there are many positive and strong signs of recovery, most notably the government’s approval to open the door to tourists from March 15, 2022.

In addition to the positive aspects, while some indicators have improved, they fell short of requirements, with total retail sales of consumer goods and services falling by 4.8% over the same period last year. shows that consumer purchasing power has not yet fully recovered. Some of the city’s key industries are still slowly recovering, with the electronics industry estimated to decline by 12.92% during the same period, impacting the recovery momentum of the city’s economic growth.

Ho Chi Minh City's Key Projects in Q2 - Photo 2.

From -24.97% in the third quarter of 2021, Ho Chi Minh City’s economy has experienced a strong recovery, estimated to grow 1.88% in the first quarter of 2022.

In order to drastically implement the key socio-economic tasks of 2022, Ho Chi Minh City in Q2 committed to focus on key tasks: effectively managing the COVID-19 epidemic, ensuring flexible adaptation . safe operation in epidemic conditions; adjust the medium-term allocation and replenishment plan for public investment capital; promoting administrative reform activities, improving the investment and business environment, solving and removing obstacles and difficulties for people and businesses; complete the investment application procedures for the construction of ring road 3 in Ho Chi Minh City, and prepare the site clearance for the project. Accelerate the completion of Metro 1 and invest in Metro 2…


Source: Vietnam Insider


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