The Ho Chi Minh City University of Economics (UEH) and Ho Chi Minh City Statistics Department announces the "Ho Chi Minh City Economic Report: Recovery and Challenges" (photo: Minh Hanh/ VOV)

The Ho Chi Minh City University of Economics (UEH) and Ho Chi Minh City Statistics Department on Monday jointly announced the results of a research on the city's economy in the first half of the year.

The "Ho Chi Minh City Economic Report: Recovery and Challenges" analyzes challenges, forecasts recovery prospect, and recommends policies for the city’s administration.

The report said that in the reviewed period, Ho Chi Minh City's economy grew quite well at 6.64%. In the rest months of the year, exports of Ho Chi Minh City and Vietnam in general will continue to benefit from global economic growth and if favorable, the city can achieve an annual growth rate of 7 to 7.5%.

To achieve this goal, researchers recommend the city to issue a group of policies to stimulate domestic consumption and investment and restructure the the growth model towards high technology and greening. Professor, Dr. Nguyen Trong Hoai, a member of the research team, said: “We still depend on two traditional export markets of the US and China, both of which are experiencing a lot of fluctuations. It’s necessary to diversifying export markets, especially the Indian and Middle East markets. Meanwhile domestic consumption should be further stimulated. Domestic enterprises should have conditions to enter the global market with the best capital sources.”