Breaking News

HCM City

HCM City’s Economy Poised for Significant Growth in Second Half of 2024

HCM City, July 31, 2024, The Europe Today: Ho Chi Minh City (HCM City) is expected to see its economy accelerate in the second half of 2024, with projected growth between 7 and 7.5 percent, according to a recent report.

The “HCM City Macroeconomic Report: Recovery and Challenges” forecasts continued economic growth throughout the year, contingent on a favorable global economic recovery.

The report highlighted a stable economic recovery in HCM City, with the Gross Regional Domestic Product (GRDP) growing by 6.46 percent in the first half of the year. Indicators related to consumption, investment, and exports have shown a steady recovery in total demand.

Major export markets for HCM City and Vietnam, including the United States and China, are anticipated to experience significant growth in the second half, which would positively impact exports from both HCM City and the country. However, these economies also face challenges that could impede their recovery, posing potential risks to export activities.

Experts have acknowledged several challenges facing HCM City, including low credit growth and a sluggish recovery in the real estate market. Additionally, the city fell short of its public investment disbursement target, with only VNĐ15 trillion disbursed in the first half, accounting for 19 percent of the set target, compared to the expected 30 percent.

To address this, the city is working towards disbursing VNĐ73 trillion, equivalent to 95 percent of public investment, by the end of the year.

Despite these challenges, the report remains optimistic about the city’s economic prospects, emphasizing the importance of a stable global economic environment for achieving the growth target.