Ho Chi Minh City, Vietnam’s largest city, is planning to maintain growth momentum for the remainder of this year, despite the resurgence of coronavirus cases since the end of May.

According to data from the municipal Statistics Office, Ho Chi Minh City’s Gross Regional Domestic Product (GRDP) increased 5.46% year-on-year in the first half of 2021. In addition, total goods and services retail sales hit 542 trillion VND ($23.5 billion), a 7.3% rise year-on-year.

In addition, budget revenue surpassed 198.56 trillion VND, a 20.7% increase, accounting for 55.7% of the annual plan.

During 2021, Ho Chi Minh City is planning to reach GRDP growth of 6% or more, and amass 364.89 trillion VND for the State budget, representing 24.79% of the national total.

Prime Minister of Vietnam, Pham Minh Chinh recently spoke highly of Ho Chi Minh City’s work to accomplish the “twin goals” of sustaining economic growth in H1 this year and keeping Covid at bay.

Indeed, Vietnam’s largest city is attempting to keep production in operation whilst simultaneously imposing quarantine regulations so as to reach the so-called twin goals, according to Chairman of the municipal People’s Committee Nguyen Thanh Phong.

He referred to a scenario put forward by the Ho Chi Minh City Institute for Development Studies, which forecasts GRDP growth will reach 5.02% in the first nine months of this year, and 4.9% for the whole year as long as the coronavirus outbreak is eradicated by August.

Dr. Tran Hoang Ngan from the Institute for Development Studies said that once the Covid crisis is under control, a boost to consumer confidence will bolster retail sales and travel, thereby revitalising the economy.