HCMC needs to overcome two immediate problems: institutional bottlenecks must be removed to absorb investment capital from all economic sectors, and the government must actually accompany businesses to strengthen the market's confidence.
From a deep decline in the third and fourth quarters of 2021, Ho Chi Minh City's economy in the first months of 2022 is making strong recovery steps. Gross Regional Domestic Product in the first quarter increased by 1.88 percent over the same period. Continuing the growth momentum, in April, the city recorded many bright spots, but there were still many challenges to face.
Ho Chi Minh City’s economy saw a deep decline of -24.97 percent and -11.64 percent in the third quarter and the fourth quarter of 2021 respectively; however, up to now, the city’s economy gradually has stabilized and recovered with positive growth at 1.88 percent. After an unprecedented economic disruption, Ho Chi Minh City has rebounded back.
The fourth outbreak of the Covid-19 epidemic has left serious consequences for Ho Chi Minh City’s economy. However, this is only a temporary setback to create momentum for development in the coming years if Ho Chi Minh City can find a new impetus and change its way of doing things in the context of the ongoing Covid-19 epidemic.
Ho Chi Minh City’s economy continued its steady growth in the first eight months this year, said the municipal authorities during a working session reviewing the city’s performance in the period on September 5.
The ASEAN Ports Association (APA) held its 34th annual conference in HCMC yesterday. The meeting focused on sustainable development, human resources training, managerial experience, and the efficient operations of ports.
In spite of a hike in the prices of essential goods worldwide, the city’s economy is flourishing, Mr. Nguyen Trung Tin, vice chairman of the city’s People’s Committee, told a meeting Thursday called to implement measures to restrain inflation.
Ho Chi Minh City’s economy grew by 11.7 percent in the first nine months and should easily beat the target of 12.2 to 12.5 percent for the entire year, the director of Planning and Investment told the People’s Committee yesterday.
Ho Chi Minh City’s economy grew by 9.5% in the first three months of this year, lower than 10% in the first quarter of last year. City Chairman Le Thanh Hai said at a meeting with city authorities on March 27 that the shortage of a skilled workforce in the city has unfavorably affected economic development.