HCM City’s economy shows signs of recovery

Ho Chi Minh City’s economy has shown signs of bouncing back with an increase of 7.5- 8 percent in GDP this year.

The city’s social development investment capital reached VND143 trillion, up 18.3 percent, and an industrial production value hit VND442 trillion, up 7.5 percent. The city also generated new jobs for 120,000 people, and reduced the rate of households living in poverty to 8 percent.

These positive signs were announced at the 17th session of the HCM City People’s Council starting on December 8 to discuss socio-economic development in 2009 and the plan for 2010.

This year, the city had to tackle many problems, such as traffic congestion, floods and environmental pollution, as well as violations of food safety and hygiene.

The meeting also reported that the Municipal People’s Committee has set 22 targets for next year, including a GDP growth of 10 percent. Export turnover is set to increase by 12.7 percent over last year, and social investment capital to reach VND172 trillion or 41.8 percent of the city’s GDP.

The meeting will hold inquiry sessions on issues of concern to the participants before it closes on December 11.

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