Vietnam’s southern metropolis is on track to achieve 8 percent annual growth over the next five years.

Ho Chi Minh City will become the second fastest growing economy in Asia by 2021, Bloomberg cited a new study by the UK-based Oxford Economics as saying in a Wednesday report.

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.

The city is the only non-Indian city in the top five that also includes New Delhi, Chennai, Mumbai and Hyderabad, reflecting its success in establishing itself as a manufacturing center, as well as its strong services sector, according to Bloomberg.

In January, Chicago-based financial and professional services firm JLL ranked HCMC the world’s second most dynamic city, after India’s Bangalore.

The city was categorized in the “High Potential Cities” that are driven by low costs, rapid consumer market expansion and high levels of foreign direct investment.

In the first half of 2017, the southern economic hub attracted $2.15 billion in foreign investment, double the amount it received in the same period last year, official data from the Ministry of Finance showed.

With economic expansion of 7.76 percent during that period, the city expects to hit annual growth of 8.4-8.7 percent, its leaders told local media in June.

The performance of different industries in Ho Ming City is good this year.

Ho Chi Minh City’s total retail sales and services revenue are expected to hit nearly 450 trillion VND (19.8 billion USD) in the first half of 2017, up 10.2 percent from the same period last year.

According to Nguyen Phuong Dong, deputy head of the municipal Department of Industry and Trade, of the total, revenue from retail is estimated at 291 trillion VND (12.8 billion USD), 64.7 percent of the total and up 12.1 percent year-on-year.

From now until the end of this year, the department will continue measures supporting enterprises, hold a second meeting for municipal leaders and enterprises and complete industry and support industry data to help connect production businesses with distributors, Dong stated.

The department will also speed up the implementation of the supply-demand linkage programme and the “Vietnamese people prioritise using made-in-Vietnam products” campaign, and intensify promotion activities inside and outside the country.

Source: VnExpress International , Vietnam+