Monday , April 22 2024

HCMC economy likely to recover sooner than previously predicted

HCMC’s economy is likely to see the current slowdown end in the coming months, and then accelerate sooner than was previously forecast, chairman of the municipal People’s Committee Phan Van Mai said.

At a meeting on reviewing the city’s socioeconomic development in the first two months of this year on Friday, Mai said the slowdown, which began in the fourth quarter of last year, will last till the end of the first quarter of this year, or the beginning of the second quarter.

However, there have been some positive signals from the world economy, notably changes in the Chinese and U.S. markets and the interest rate policy of the U.S. Federal Reserve, while the Vietnamese government and the city are focusing on removing difficulties for production and business.

“Seizing these opportunities, we can end the city’s economic slowdown sooner and the economy will accelerate faster than previously forecast,” the chairman said.

In the first two months of this year, HCMC’s public investment progressed more quickly than during the same period last year, and its total retail sales of consumer goods and services increased by 6.1%.

The city attracted 101 FDI projects with a fresh registered capital of US$97.7 million, posting respective year-on-year rises of 44% and 22.5%.

A survey of more than 100 enterprises in the first two months of this year by the Ho Chi Minh City Business Association showed that 83% of these companies faced difficulties, mainly the narrowed market, big inventories, rising input costs, high lending interest rates, and difficult access to loans.

The difficulties will continue until the end of the first quarter and production orders will start increasing in the second quarter, the association predicted.

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