HCM City Reaches 11.6 per cent Economic Growth in 2004

Ho Chi Minh City, Vietnam's economic hub, obtained a gross domestic product (GDP) growth rate of 11.6 per cent in 2004, the highest figure since 1998.

Remarkably contributing to the city's GDP growth in 2004 was the service sector, with a growth rate of 11.1 per cent compared to the set target of 10.5 per cent. The ratio of this sector in the city's GDP structure increased from 49.3 per cent in 2003 to 50.1 per cent.

Meanwhile, the industry-construction sector was still an important to the city's economy, attaining a high growth of 15.1 per cent.

The local government in Ho Chi Minh City has brought out its targets for the socio-economic development in 2005, including a goal of reaching an economic growth of 12-12.5 per cent. The city also targeted a growth of 11.5 per cent in the service sector, a 15.5 per cent growth of industrial product and 6 per cent in agriculture output next year.

• L.D