Production at Phong Phu Joint Stock Company in Thu Duc City. (Photo: SGGP)
The service industry takes the lead
According to the report of the Statistics Office of HCMC, the total State budget revenue in the first six months of this year is estimated at more than VND198.56 trillion, as much as 55.7 percent of the estimate, up 20.7 percent over the same period. Of which, domestic revenue is more than VND136.36 trillion, as much as 55.7 percent of the estimate, up 19 percent; revenue from crude oil is nearly VND6.81 trillion, accounting for 79.6 percent of the estimate, up 6.8 percent; revenue from import-export activities is VND60.2 trillion, accounting for 55.7 percent of the estimate, up nearly 25 percent over the same period.
The Covid-19 pandemic has negatively impacted the growth of many industries. However, the development of the trade-in service sector has helped to recoup the growth. Specifically, the trade-in service sector rose by 5.86 percent while it increased by 0.67 percent in the same period last year. Three service industries posted high growth include trade with an increase of 6.01 percent over the same period, transportation and warehousing with 5.73 percent, and finance, banking, and insurance with 8.22 percent. Besides, the added-value of nine key service sectors accounted for more than 58 percent of the GRDP and 91.3 percent of the service sector.
Although the industry contributed only 0.8 percentage points to the overall growth of the city's economy, the first six months of this year achieved a growth rate of 4.16 percent, doubling that in the same period last year, meaning that the industry has shown signs of recovery. The construction industry alone grew by only 0.98 percent, lower than the growth of 1.17 percent in the same period because of interrupted construction projects, limited supply of housing products, and increasing construction material prices.
Production at Phong Phu Joint Stock Company in Thu Duc City. (Photo: SGGP)
According to a report by the Statistics Office of HCMC, the total export turnover of HCMC-based enterprises through the city ports, including crude oil, is estimated at above $20.34 million in the first six months, up 5.6 percent year-on-year. There are five groups of goods with an export value of over $1 billion, accounting for 75 percent of total export turnover. They include computers, electronic products, and components with $7.7 billion, accounting for 38.1 percent, other commodity groups with $3.6 billion, accounting for 17.9 percent, garments, and textiles with $1.6 billion, accounting for 8.1 percent, machinery, equipment, tools, and spare parts with $1.13 billion, accounting for 5.5 percent, and footwear products with $1.1 billion, accounting for 5.4 percent.
