Due to the impact of the COVID-19 pandemic, in the first six months of 2020, Can Tho’s economic growth was estimated at only 1.43% year-on-year. However, fortunately, from early May, production and business operations have gradually returned to normal.
The fruit production of Can Tho in the first half up 15.85% against the same period last year.
During the first half of 2020, Can Tho’s socio-economic activities took place within the backdrop of the COVID-19 outbreak worldwide. Nearly all the main economic sectors of the city declined or recorded lower growth against the same period last year. Gross Regional Domestic Product (GRDP) in the first six months was approximately VND26 trillion, a year-on-year increase of 1.43% and the lowest over the past ten years.
Director of the Can Tho Statistics Office Le Ngoc Bay said the COVID-19 pandemic not only adversely affected production and business operations but also considerably shifted the economic structure of the city towards increasing the shares of group I (agriculture, forestry and fishery) and group II (industry and construction) while decreasing the proportion of group III (services). Specifically, these sectors accounted for 9.14%, 34.46%, 48.38% of the economy, respectively.
Group III is hardest-hit by COVID-19 with a contraction of 3.28%. Concretely, wholesale and retail revenues down 6.17%, logistics 13.66%, accommodation and catering services 31.03%, tourism 47.77%.
Group II had a growth rate of 6.66% with industrial production rising 8.07%. Some main products of local businesses such as food processing recorded an increase of 9.47%, beverage production 5.17%, tailoring 5.08%, production and distribution of electricity 5.59%, chemical production 5.25%.
Group I witnessed a growth rate of 2.42% with agriculture expanding 4.11%. This field is considered the least affected by the pandemic.
Can Tho set the GRDP growth target of 7.82% this year. According to Director of the Statistics Office Le Ngoc Bay, reaching that goal can be tough! In the third and fourth quarters, the economic growth of the city needs to reach two-digit level.
However, with a resolute spirit in simultaneously fighting pandemic and boosting socio-economic development, the city strives to attain economic growth at the highest possible rate in 2020. To achieve higher growth in the second half, it is necessary to have comprehensive, positive, quick and efficient solutions once the pandemic is basically put under control.
T. TRINH (Translated by AI LINH)
