HCM City achieves fastest economic growth in 10 years

HCM City achieves fastest economic growth in 10 years

HCM City’s economic growth rate in the first half of 2026 was the highest in the last 10 years, its Party Committee heard at a meeting on the city's economic achievements.

A meeting held by HCM City Party Committee on Monday. The city is striving for double-digit economic growth in 2026. — VNA/VNS Photo

HCM City’s economic growth rate in the first half of 2026 was the highest in the last 10 years, its Party Committee heard at a meeting on the city's economic achievements on Monday.

The 8.55 per cent growth year-on-year in the period took the city’s economy to VNĐ1.55 quadrillion (US$ $59 billion).

The investment climate improved, with FDI exceeding $7.5 billion.

Revenues were worth VNĐ477.2 trillion, 59.4 per cent of the full-year target.

Numerous key infrastructure projects were launched at a cost of VNĐ520 trillion.

Trần Lưu Quang, the Party Committee Secretary, said: “The upcoming passage of the Law on Special Urban Areas is expected to unlock even more favorable mechanisms for the city.

“Leveraging these special mechanisms has enabled it to achieve great success, and will continue to serve as a foundation for accelerating its growth.”

But there were also admittedly some bottlenecks related to land planning and disbursing for public spending.

Achieving the full-year target of double-digit economic growth would be difficult, the committee admitted.

Nevertheless, it said, it would strive to reach VNĐ1 quadrillion in revenues and disbursing the targeted public funding.

Trương Minh Huy Vũ, rector of the HCM City Institute for Development Studies, said at the meeting that the city needs to focus on three new growth drivers: the marine economy and logistics, the new International Financial Centre, and promoting science, technology, innovation, and digital transformation.

It should continue to pay attention to social security policies to aid low- and medium-income workers.  

Bizhub