Ho Chi Minh City: GRDP in 2023 increases by 5.81%

Ho Chi Minh City Statistics Office said the city's total GRDP in 2023 is estimated at VND1,621,191 billion, up 5.81% over the same period in 2022.

Of which, the trade and service sector increased by 6.79%; the industry and construction sector increased by 4.42%, industry increased by 4.41%, product tax increased by 3.57% and the agriculture, forestry and fishery sector increased by 1.53%.

TP. Hồ Chí Minh: Tổng sản phẩm trên địa bàn năm 2023 tăng gần 6% so với cùng kỳ

The city's total GRDP in 2023 is estimated at 1,621,191 billion VND, an increase of 5.81% over the same period in 2022.

According to the City Statistics Office, except for the real estate business with a negative growth rate of 6.38%, the remaining industries all had quite good growth rates such as wholesale and retail up 10.17%; transportation and warehousing up 7.64%; information and communications up 5.94%; education and training up 7.03%; professional science and technology services up 6.61%; finance, banking and insurance up 5.69%; professional science and technology services up 6.61%; healthcare and relief activities up 3.24%. In particular, the accommodation and food service industry had the highest growth rate (+16.38%) compared to 2022.

Regarding economic structure, at current prices, the industrial and construction sector accounts for 21.9%; product taxes minus product subsidies account for 12.7%; the agricultural, forestry and fishery sector accounts for 0.5%; and the trade and service sector accounts for 64.9%;

Explaining the positive figures of trade and service activities, the leader of the City Statistics Office said that in recent times, the city has developed many promotional programs to stimulate consumption, especially for food, foodstuffs, clothing, and means of transport, so domestic purchasing power continues to be maintained. However, people still have a mentality of tightening spending and the market for shopping and consuming goods in the month before Tet is not yet vibrant.

Total retail sales of goods and consumer service revenue in December 2023 is estimated at VND 110,798 billion, up 4.2% over the previous month (trade revenue increased by 5.1%, accommodation and food services increased by 3.0%, tourism services decreased by 4.7%, other services increased by 3.3%) and increased by 15.4% over the same period. Retail sales of goods in December are estimated at VND 64,198.5 billion, up 5.1% over the previous month and up 18.1% over the same period. In particular, most commodity groups have a high increase of over 10% over the same period such as: Food and foodstuff increased by 14.1%; garments increased by 13.2%; household appliances, tools and equipment increased by 20.6%; cultural and educational items increased by 14.1%; Gasoline and oil increased by 34.6%; wood and construction materials increased by 13.0%; cars increased by 26.5%; precious stones and metals increased by 60.5%; motor vehicle repair increased by 64.6%.

It is estimated that in 2023, retail sales of goods will reach VND 697,604.7 billion, accounting for 58.6% of total retail sales of goods and service revenue, up 11.6% compared to 2022, in which many groups of goods increased sharply such as food and foodstuffs (+20.7%); household appliances, tools and equipment (+12.4%); cultural and educational items (+15.5%); passenger cars (+13.0%); gasoline (+20.9%); precious stones and metals (+42.5%) and motor vehicle repair (+55.5%).

Mr. Nguyen Khac Hoang, Director of the Ho Chi Minh City Statistics Office, said that from practical lessons learned in 2023, following the growth momentum from Resolution No. 98/2023/QH15, to achieve the City's GRDP growth target of 7.5% to 8%, the City needs to focus on solving many issues well.

According to Mr. Hoang, the city needs to focus on handling bottlenecks and bottlenecks in land; resolving legal conflicts regarding land allocation procedures, determining compensation unit prices, and procedures for payment and settlement of basic construction to speed up the disbursement of public investment capital; continuing to review and recommend to the Ministries, branches, and the Central Government to amend the inadequacies of overlapping regulations of the draft Laws, prioritizing the removal of regulations related to the implementation of assigned tasks in Resolution No. 98/2023/QH15; continuing to effectively and synchronously implement solutions to stimulate public investment, encourage consumption among residents, support businesses to expand export markets, and implement larger-scale promotional programs...; strengthening forecasting, inspection and price stabilization, developing solutions to promptly respond to market fluctuations, especially import-export trends in the City's major markets, maintaining stability in the financial market and real estate market; Promote the application of information and communication technology in all administrative activities of state agencies, take advantage of opportunities to accelerate the digitization of data in all agencies, especially population data, business data, etc.

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