HCM City forecast to become Asia’s fastest growing economy by 2021
Ho Chi Minh City (Source: VNA)
Chi Minh City will become the second fastest growing economy in Asia by
2021, according to a study by the UK-based
Oxford Economics, reported Bloomberg.
In the next five years, HCMC's economy
is expected to grow by 8 percent each year, according to the study, which ranked
Asia's 30 largest cities, Bloomberg cited the study as saying.
The ranking has reflected the city’s
success in establishing itself as a manufacturing centre, as well as its strong
services sector, according to Bloomberg.
In January, Chicago-based financial and
professional services firm JLL ranked HCM City as the world’s second most
dynamic city, after India’s Bangalore.
The city was categorised as a high potential
city driven by low costs, rapid consumer market expansion and high levels of
In the first half of 2017, the southern
economic hub attracted 2.15 billion USD in foreign investment, double the
amount it received in the same period last year, data from the Ministry of
According to the report, Delhi will have the fastest
growth of any city in Asia. Following HCM City, other Indian cities, including
Chennai, Mumbai, Hyderabad, Kolkata and Bangalore, are set to expand the most
across the region.
They are followed by Tienjin city of China, Manila of the
Philippines and China’s Beijing.-VNA