Ho Chi Minh City has the foundation for double-digit growth

Ho Chi Minh City officials say the city has built a foundation for growth of more than 10% in 2026, pointing to stronger revenue collection, public investment disbursement and foreign investment.

In the first eight months of the year, industrial production rose 10.8%, retail sales and consumer-service revenue increased 13.7%, and exports grew 7.82%. Foreign investment exceeded $10 billion, up 167%. Budget revenue reached 624.757 trillion dong, or 77.8% of the annual estimate.

The city has also disbursed more than 85.1 trillion dong in public investment, equal to 57.7% of its plan. Of 921 stalled projects, officials said they had resolved obstacles for 216, issued directions for 461 and continued handling 244 within their authority.

Compensation work covered 146 projects with more than 38 trillion dong allocated. More than 32 trillion dong had been disbursed, representing 84% of the total, and project owners committed to reaching 98% by the end of the fourth quarter of 2026.

The city also recorded 38,253 newly established businesses, alongside 9,703 completed dissolutions, 33,390 temporarily suspended businesses and 13,582 returning to operation. Pham Binh An of the Ho Chi Minh City Institute for Development Studies said smaller and medium-sized firms faced the greatest difficulties, citing weak new orders, lower consumer demand, high interest rates and rising logistics costs.

Chairman Nguyen Van Duoc called the implementation of the Urban Development Law the city’s “central priority among priorities” for September. He said recent public investment disbursement had improved through efforts by local administrations and government departments.

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central priority among priorities