Ho Chi Minh City's economy, particularly the industrial, agricultural, service, and trade sectors, and its foreign investment attraction, continued its strong growth momentum in the first eight months of this year.
Ho Chi Minh City's economy, particularly the industrial, agricultural, service, and trade sectors, and its foreign investment attraction, continued its strong growth momentum in the first eight months of this year.
This assessment was made by the People's Committee of Ho Chi Minh City at a meeting to review the socio-economic development and budget revenue and expenditure for the first eight months of 2017, held on September 5th.
Reporting at the meeting, Mr. Su Ngoc Anh, Director of the Department of Planning and Investment of Ho Chi Minh City, stated that the total retail sales of goods in the city for the first eight months were estimated at VND 599.160 billion, an increase of 10,3% compared to the same period last year; export turnover was estimated at USD 22,8 billion, an increase of 13,6% compared to the same period. The industrial index for the past eight months increased by 7,31% compared to the same period last year.
Among these, four key industries – mechanical engineering, electronics, chemicals-rubber-plastics, and food processing – continued to expand their markets; investment in equipment modernization, quality improvement, and increased product competitiveness rose by 11,8% year-on-year, higher than the overall growth rate of the entire industry.
From the beginning of the year until now, Ho Chi Minh City has licensed the establishment of 26.614 new businesses with a total registered capital of VND 358.890 billion, an increase of 13,1% in the number of businesses and an 82,9% increase in registered capital. The city continues to implement support and encouragement for individual business households to convert into enterprises. To date, 1.171 business households have converted into enterprises. Foreign direct investment (FDI) in the first eight months also reached USD 3,23 billion, a 1,57-fold increase compared to the same period last year.
According to Mr. Su Ngoc Anh, to achieve these positive results, since the beginning of the year, the city has intensified activities to support innovative businesses, improve the business and investment environment, enhance competitiveness, and perfect the startup ecosystem.www.expertis.vn
Ho Chi Minh City's economy is gaining momentum.
Simultaneously, Ho Chi Minh City has intensified agricultural extension activities, transferring advancements in seeds and applying technology, providing advice and support for technical improvements, especially promoting mechanization in orchid production; developing modern, efficient, and sustainable urban agriculture towards high-tech agriculture, biotechnology, developing high-quality plant and animal breeds, flowers and ornamental plants, safe vegetables, beef cattle breeds, and improving the quality of dairy cattle herds… The value of agricultural, forestry, and fisheries production in the first eight months of the year is estimated at 7.635,7 billion VND, an increase of 6,5% compared to the same period last year.
Regarding budget revenue and expenditure, the Director of the Ho Chi Minh City Department of Finance, Phan Thi Thang, stated that the city's total state budget revenue for the past eight months is estimated at VND 224.010 billion, reaching 64,39% of the projected target and increasing by 11,47% compared to the same period last year. Total local budget expenditure (excluding advances) for the same period is estimated at VND 33.588 billion, reaching 47,54% of the projected target and increasing by 20,64% compared to the same period last year.
To maintain these results, Mr. Nguyen Thanh Phong – Chairman of the People's Committee of Ho Chi Minh City – requested relevant departments to continue perfecting the startup ecosystem and promoting innovative startup activities with specific and practical solutions. In addition, he suggested improving the quality of business support programs to create a favorable environment for production, business, and investment development, enhancing the competitiveness of businesses, and proposing practical solutions to develop supporting industries and the city's retail market.
On the other hand, localities need to regularly review eligible business households for conversion into enterprises; and continue to disseminate information and guide businesses through the procedures for registering as enterprises.
Mr. Nguyen Thanh Phong also requested the City Tax Department to continue directing the Tax Sub-departments to support and guide individual business households in registering as enterprises, handling tax reporting and tax procedures; and to continue improving the investment environment, encouraging business households to develop and expand their scale. The Department of Planning and Investment and the Department of Finance were instructed to review and eliminate unnecessary procedures that generate informal costs; and to simplify inspection and licensing procedures to save time and minimize costs for businesses.
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