HCMC maintains stable economic performance in 8-month period

Ho Chi Minh City has reported positive economic indicators for the first eight months of 2024, according to Director of the municipal Department of Planning and Investment Le Thi Huynh Mai.

During the municipal People’s Committee's monthly meeting on September 4, which reviewed the local economy in August and the first eight months, Ms. Mai highlighted several key statistics.

The city’s industrial production index (IIP) increased by 6.4% compared to the same period last year, and the total retail sales of consumer goods and services  were estimated at over VND765 trillion (approximately $30.7 billion), reflecting a 10.3% year-on-year growth.

She also noted that the consumption index of the industrial production rose by 10.7% while the inventory index saw a significant decrease of 14%.

The city’s total State budget revenue for the January-August period increased by 15.3%, with a remarkable 23.8% rise from domestic economic sectors. Of note, revenue from import and export activities experienced a slight increase of 0.3%, indicating a recovery in trade activities.

The consumer price index (CPI) during this period rose by 3.23%, with 10 out of 11 groups of goods and services experiencing price hikes. Notably, the medicine and healthcare and education services sectors recorded the highest increases, at 7.80% and 7.48%, respectively.

Ms. Mai emphasized that the number of newly established businesses has increased by 6.5%, reflecting growing investor confidence in the city’s economic prospects.