Ho Chi Minh City expects 2020 GRDP to grow up to 8.5 percent

The country’s economic driving force is seen to achieve 2019 GRDP at 8.32 percent, or VND1,347 trillion ($59 billion), slightly higher than last year’s 8.3 percent, Nguyen Thanh Phong, chairman of Ho Chi Minh City’s People Committee, told city’s lawmakers on weekend.

Regarding to structure, the service sector accounts for 60.42 percent of GRDP while industry and construction account for 25.55 percent. 

Total retail sales of goods and services rose by 12.1 percent over the same period. The industry and construction increased by 6.78 percent. 

In 2019, the city’s budget revenue is expected to surpass the target, an increase of 9 percent over last year.

The city’s economic scale accounts for nearly 24 percent of the national economic scale, the highest figure ever. Budget revenue in 2019 is estimated at VND412 trillion (over $17.8 billion), exceeding the plan by 3.3%.

In 2020, the city plans to build four groups of a development programme, including pushing strong innovation in city management, creating breakthrough in citiy infrastructure developments, accelerating the enterprise development, and developing human resources. 

Next year, the city targets to establish 44,000 new businesses, creating 135,000 new jobs for its citizen. 

Source: Dau Tu