Ho Chi Minh City records solid economic performance in the first five months of 2022. (Photo: VNA)

The aggregate growth for the five-month period was 2.6%.

Total retail sales and services revenue in May edged up by a slight 0.84% month on month but soared 10.4% compared to the same month last year.

Government revenue during the January-May period was estimated at over 209.8 trillion VND (9 billion USD), equivalent to 54.28% of the full-year target and up 19.52% from a year ago.

Enterprises in Ho Chi Minh City exported goods worth a total of 20.7 billion USD, up 7.9% over the same period last year.

Regarding tourism, the sector welcomed 8.97 million domestic visitors, up 24.9% year on year, while earning total revenue of 39.5 trillion VND (1.7 billion USD), up 9.8%.

Ho Chi Minh City’s credit growth in the first five months of 2022 was estimated at 3.07 quadrillion VND, up 8.4% from the end of 2021, according to the municipal chapter of the State Bank of Vietnam (SBV).

It is the highest figure seen over the same period in recent years, even exceeding the pre-pandemic period. The growth rate for five months was 4.76% in 2021, 1.75% in 2020 and 6.74% in 2019 before the onset of COVID-19.

The figure is also higher than the national average of 7.75% recently announced by the central bank.

Ho Chi Minh City's credit growth rate in the first five months of 2022 is the highest in recent years. (Photo: VNA)

The SBV representative in Ho Chi Minh City said such an impressive increase was attributed to the solid recovery of the city’s growth engines such as export, food processing, manufacturing, tourism and other services.

The policies on restructuring debts and granting new loans at low-interest rates also contributed to rapid credit growth, helping enterprises to surmount COVID-19 difficulties and rebound.

To continue supporting economic growth, the central bank’s Ho Chi Minh City branch suggested that credit institutions should take measures to ensure safe credit growth, control bad debt and prioritise credit to manufacturing.

It added that it is necessary to promptly implement the two-percentage point interest rate support package for enterprises, cooperatives and household businesses affected by the pandemic