TIẾNG VIỆT Ho Chi Minh City's Q2 economic growth seen at 5.87%
The bright spot is the city's GRDP growth in the second quarter is estimated at 5.87%. Photo by Vietnambiz.
The index of industrial production (IIP) for the city had a 1.6% year-over-year increase during the first five months of 2023 compared to the previous period. According to the Ho Chi Minh City Statistics Department, this constitutes the city's slowest rate of development since 2012.
When import and export activity slows down, however, the city's economy begins to struggle. Another crucial statistic, the government's overall income seems to be on the decline. It is expected that the city's total income for the state budget in the first five months of the year reached VND 201,786 billion, representing a decrease of 4.5%.
According to the General Department of Customs, the total value of goods exported for the period of January through April totaled $12.74 billion. This figure represents a decrease from the $16.15 billion total value of goods exported during the same period in 2022.
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