Ho Chi Minh City’s gross regional domestic product growth (GRDP) stood at 0.7 per cent in the opening quarter of the year, reaching over VND360.6 trillion ($15.3 billion), according to the city’s Statistics Office.

Among its nine key industries, five posted growth, including accommodation and catering services, by 24.34 per cent, retail and wholesale sales 3.81 per cent, finance, banking, and insurance 8.53 per cent, science and technology 6.68 per cent, and education and training 7.01 per cent.

Its Statistics Office said the city’s socio-economic figures reveal modest growth, with the second quarter forecast to continue facing many difficulties due to slowing global growth, inflation, and a weakening global financial system.

Industrial production in March showed signs of growth but businesses still encountered many difficulties due to a shortage of orders and high interest rates.

The city’s Index of Industrial Production for the month was estimated to have increased 2.3 per cent year-on-year. The Index in the first quarter, however, was down 0.9 per cent.