Ho Chi Minh City: Economic growth from now until the end of the year must reach 10.3%

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc issued an "order" to achieve a minimum economic growth of 10.3% from now until the end of the year.

View of the meeting. Photo: Nguyen Le

On August 9, Ho Chi Minh City People's Committee held a regular meeting on socio -economic situation in July and the first 7 months of the year, tasks and solutions for August 2025.

At the meeting, the Department of Finance said that the city's economy has shown many positive signs. Specifically, total retail sales of goods and consumer service revenue in July is estimated at VND159,950 billion, up 14.7% over the same period. Of which, retail sales of goods are estimated at VND82,720 billion, up 16.2%; accommodation and catering services are estimated at VND18,805 billion, up 20.1%.

Notably, tourism service revenue continued to be a bright spot with high growth, estimated at VND5,986 billion, up 32.8% over the same period. In the first 7 months of 2025, total retail sales of goods and consumer service revenue was estimated at VND1,072,712 billion, up 15.5% over the same period.

Export turnover in July is estimated at 7.7 billion USD, down 1.3% compared to the previous month. Accumulated in 7 months is estimated at 52.9 billion USD, up more than 7.1% compared to the same period.

Tourism is a bright spot of the city's economy in the past 7 months. Accordingly, total tourism revenue in July is estimated at VND 22,368 billion, up 45.6% over the same period in 2024; cumulative revenue in 7 months is estimated at VND 140,305 billion, up 29.9% over the same period and reaching 54% of the yearly plan. International visitors in 7 months are estimated at 4,552,464 arrivals, reaching 53.6% of the yearly plan. Domestic tourists in 7 months are estimated at 21,723,330 arrivals, reaching 48.3% of the yearly plan.

In the industrial sector, the industrial production index (IIP) in July is estimated to increase by 3.7% over the previous month and by 9.8% over July 2024; in the first 7 months, the IIP of the entire industry is estimated to increase by 5.9% over the same period; of which, the production index of 4 key industries is estimated to increase by 11.1%, 3 traditional industries (textile, garment manufacturing, leather manufacturing and related products) is estimated to increase by 11.2%.

Notably, for the first time, Ho Chi Minh City is among the group of provinces and cities that have done well in disbursing public investment capital. The city has completed the assignment and detailed allocation according to the capital level assigned by the Prime Minister with a total deployed capital of VND 151,431.9 billion (including both central and local budgets), reaching 127% of the capital level assigned by the Prime Minister (VND 118,948.8 billion).

According to the preliminary report of the State Treasury of Region II, by the end of July 2025, the city had disbursed VND 47,577 billion, reaching 40% of the capital plan assigned by the Prime Minister of VND 118,948 billion and reaching 31.4% of the capital plan the city had deployed.

Regarding business registration in the first 7 months of 2025, the number of newly established enterprises was 31,052, with newly registered capital of VND 162,942 billion; additional registered capital was VND 403,110 billion. In total, the total registered and additional capital in the past 7 months was VND 566,052 billion, an increase of 9% over the same period.

Regarding foreign investment, by the end of July 2025, including capital attracted in the form of investment registration certificates and capital attracted through capital contributions, share purchases, and capital repurchases of domestic enterprises, the city has attracted 6.19 billion USD, an increase of 45.6% over the same period in 2024.

Regarding the city's state budget revenue, the total estimated state budget revenue in the past 7 months was 472,588 billion VND, reaching 70.4% of the central government's estimate and equal to 114.6% over the same period.

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc delivered a concluding speech at the meeting. Photo: Nguyen Le

Concluding the meeting, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc said that from now until the end of the year, the city's GRDP must grow by 10.3% - 10.5% to make up for the first 6 months of the year. The Chairman of the City People's Committee made an "imperative" request that in the remaining 5 months of 2025, GRDP must achieve a minimum growth rate of 10.3% for the economic growth of the whole year of 2025 to reach 8.5% as the target set by the Government.

The Chairman of the Ho Chi Minh City People's Committee requested to continue to accelerate the disbursement of public investment capital, using public investment to lead infrastructure development and stimulate social resources. Along with that, substantial administrative reform, removing difficulties for businesses and effectively implementing policies for private economic development according to Resolution 68-NQ/TW. The city will strongly encourage connections between private enterprises, state-owned enterprises and FDI, promoting the formation of regional and global supply chains.

Regarding the organizational structure, the head of the city government requested to continue perfecting administrative units at all levels according to the two-level local government model, thereby improving the effectiveness and efficiency of state management. At the same time, proactively and flexibly manage changes in order to maintain economic recovery momentum.

Source: https://hanoimoi.vn/tp-ho-chi-minh-tang-truong-kinh-te-tu-nay-den-cuoi-nam-phai-dat-10-3-712011.html