The city’s Gross Regional Domestic Product (GRDP) in Q1 reached VND324.5 trillion (USD14 billion), an increase of 7.64 percent.

However, the services and agricultural sectors reported slower growth than in the same period last year, Phong said.

He added that the development potential of the services sector, which accounted for 63.1 percent of the city economy, remains large.

The city attracted 2.25 million foreign tourists in the period, an increase of 14.1 percent year on year.

A corner of Ho Chi Minh City - Illustrative image (Source: VNA)
Meanwhile, total foreign investment in the city in Q1 reached 1.55 billion USD, up 20.4 percent over the same period last year.

Specifically, 254 projects worth USD288.80 million were newly-licensed, up 23.3 percent in volume and 4.3 percent in value.

The real estate sector lured the most, accounting for 52.7 percent. It was followed by science and technology (19.4 percent); wholesale, retail, and repair of automobiles, motorbikes, and other motorised vehicles (14.8 percent); manufacturing and processing (8 percent); lodging and dining services (1.9 percent).

During the period, 53 projects raised their capital with a total investment of USD62 million, up 20.5 percent in volume and 15 times the value against last year.

The city allowed 799 foreign investors to buy stakes in domestic firms with a registered capital of USD1.2 billion, marking a 19.8 percent rise in volume and 19.2 percent hike in value.

Also in Quarter 1, the total registered and additional domestic capital neared VND215 trillion (USD9.34 billion), up 9.7 percent year-on-year.

There were over 8,600 newly-established firms with a total registered capital of more than VND147 trillion, up 2.4 percent in volume and 46 percent in value.

Over 23,100 enterprises registered additional capital at a combined value of upwards of VND67.8 trillion./.