Ho Chi Minh City’s economy rebounds in first quarter of 2022

Compared to the negative growth rates of -24.97% and -11.64% seen in the third and fourth quarters of 2021, the figure for the first quarter of 2022 shows that the city’s economy is making a rapid recovery.

The municipal government said Ho Chi Minh City’s economy began to see positive signs in the fourth quarter of last year as many household businesses and enterprises have been resuming their operations since the pandemic was put under control

In the first quarter of 2022, the city’s budget revenue rose by 9.41% from a year earlier to over 121 trillion VND (5.3 billion USD), equivalent to 31.31% of the full-year target.

The output of the Saigon Hi-tech Park reached 5.1 billion USD, up 2.26% over the same period last year.

The city’s four key industries grew by an estimated 5.39% year-on-year while capital mobilisation by credit institutions climbed 1.24% from the end of 2021.

In the second quarter, Ho Chi Minh City is planning to focus on expediting public investment, reforming administrative procedures, improving the business climate and addressing the obstacles facing enterprises.

The city will work with central agencies to accelerate the procedures for major transport projects, such as the third ring road and metro lines, and implement the plan to reopen the city to tourism.