Southern hub has bounced back from economic slump

Ho Chi Minh City has experienced a swift recovery from the economic downturn, officials said in a report published Friday.

According to the report on the government's website, all of the city's key sectors saw good growth rates in the first eight months.

Retail sales increased 31.9 percent compared to the same period last year to reach VND236.6 trillion. Industrial output was up 13.8 percent and foreign tourist arrivals saw a 14 percent jump. Officials also said inflation pressure continued to ease in August as consumer prices declined 0.25 percent from July for the second month this year.

Nguyen Thanh Tai, deputy chairman of HCMC People’s Committee, said the city is likely to meet or even top its economic targets for 2010.

Chairman Le Hoang Quan said the city is now aiming at an annual economic growth of 11.5-12 percent. If this target is reached, the average annual growth rate for the metropolitan economy during the 2006-2010 period will be 11.5 percent, he added.