Ho Chi Minh City (HCMC) is poised to achieve a 5.87% economic growth rate in Q2

Ho Chi Minh City is expected to achieve a 5.87% YoY economic growth rate in Q2, a significant increase from the first quarter’s 0.7% growth rate. The services sector is expected to lead the growth with 7.6%, while industry and construction are projected to grow at 4.77%.

The city and businesses have been offering discounts to promote tourism, leading to a 10% YoY increase in retail and services revenues in May. The Index of Industrial Production is estimated to have risen by 5.5% YoY in May, and public spending increased by 24% YoY to VND10.2 trillion ($434 million) in the first five months of the year.