HCMC’S GRDP GROWTH HITS FIVE-YEAR HIGH IN Q1

Visitors gather in front of the City Hall - PHOTO: DAT THANH

HCMC – HCMC’s gross regional domestic product (GRDP) in the first quarter of this year expanded by over 7.51% year-on-year to more than VND457.6 trillion, the highest Q1 growth rate since 2020.

The data was released by the HCMC People’s Committee at a meeting held today, April 2, to review the socio-economic performance in January-March.

Nguyen Thi Huynh Mai, director of the city’s Department of Planning and Investment, said that most businesses operating in key industrial sectors had secured orders through mid-2025. Industrial production expanded by 5.9% compared to the same period last year, the highest growth rate in five years.

“This indicates a sustained recovery and steady development of the city’s industrial sector,” she noted.

The trade and service sector also achieved remarkable results. Retail sales of goods and services in Q1 amounted to nearly VND317 trillion, up by 14.2% year-on-year.

Tourism continued to thrive, with total revenue reaching VND56.66 trillion in the quarter, a 26.7% increase versus the first three months of last year. The service sector as a whole expanded by around 8.72%, the strongest growth in seven years.

Foreign trade showed positive signs. The city’s export value through nationwide customs checkpoints reached US$11.7 billion in Q1, up by nearly 5.1% year-on-year.

Despite these achievements, the city’s government acknowledged several lingering challenges. The number of newly established businesses and registered capital fell compared to the same period in 2024, while business closures rose by 13.3%. Public investment disbursement remained sluggish, fulfilling only 5.4% of the year’s target.

Looking ahead, HCMC will continue to drastically and effectively implement resolutions and conclusions of the central Government, the HCMC Party Committee, and the municipal People’s Council on the 2025 socio-economic development plan, said Nguyen Van Duoc, chairman of the HCMC People’s Committee.

Duoc emphasized mobilizing resources for development, especially from the private sector, which is viewed as a key driver for growth, labor productivity, and the city’s overall competitiveness. In particular, the city aims to mobilize over VND620 trillion in total social investment in 2025 through a dedicated infrastructure development plan.

In addition, the city will expedite public investment procedures and disbursement to meet this year’s targets.

To lay the groundwork for long-term growth, the chairman assigned the Department of Finance to draft a master plan outlining strategic solutions to spur “double-digit” economic growth in HCMC during the 2026-2030 period.

Source: The Saigon Times

Related News

MEMBER CORNER / PROMOTIONS

VIETNAM'S MANUFACTURING STORY HAS CHANGED IN 2026

Vietnam is no longer attracting investment solely because of its competitive costs. Today, global manufacturers are increasingly choosing Vietnam for its expanding industrial ecosystem, resilient supply chains and growing role in high-value sectors such as semiconductors, electronics and advanced manufacturing.

Jul 24, 2026

BANKING / FINANCE / INSURANCE / TAX

VIETNAM NEEDS OVER $200BN FROM STOCK MARKET IN NEXT 5 YEARS

Speaking at the event, Bui Hoang Hai, vice-chairman of the State Securities Commission of Vietnam, said total investment demand in the 2026-30 period is estimated at VND38,000 trillion ($1.4 trillion). The state budget can only provide approximately VND8,500 trillion ($323 billion), or 20 percent, leaving the remaining 80 percent to be sourced from private and international capital.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

HUNG YEN BUILDS DIGITAL FOUNDATIONS TO DRIVE LONG-TERM GROWTH

From strengthening data infrastructure to developing AI platforms, Hung Yen province is enhancing governance capacity while laying the groundwork for the growth of its digital economy. Hung Yen, about 50-60km southeast of Hanoi, has maintained steady momentum in implementing its digital transformation agenda, creating a stronger foundation for the province to advance science, technology, and innovation.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

CHINESE INVESTMENT WAVE OPENS NEW DOORS

As Chinese companies move beyond factory relocation to ecosystem-driven investment, Vietnam has a rare opportunity to evolve from a low-cost production base into a strategic node in regional value chains. When global companies first diversified supply chains, the focus was largely on relocating manufacturing capacity.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

VIỆT NAM STEPS UP EXPORT TO ACHIEVE US$550-BILLION TARGET

Việt Nam is intensifying efforts to sustain export momentum in the second half of 2026 as the country works towards its target of US$550 billion in export revenue for the year, despite continuing uncertainties in global trade. Statistics show that exports reached $266.5 billion in the first six months, meaning the economy needs to generate around $245.5 billion more during the remainder of the year to meet the annual goal.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

ASIA POWERS VIETNAM’S SHRIMP BOOM, LEAVING THE WEST BEHIND

In the first half of 2026, Vietnam's shrimp exports surpassed the US$2.3 billion mark, driven largely by booming demand from China and a lobster craze. But behind that growth figure lies a lopsided picture: Asia is carrying the load, while the U.S. and Europe have yet to break out. These days, a container of frozen shrimp leaving a Ho Chi Minh City port is more likely to cross the East Vietnam Sea to Shanghai than the Pacific to Los Angeles.

Jul 23, 2026