Ho Chi Minh City Pushes to Meet 10.2% Growth Target for 2026
Ho Chi Minh City has called for faster public investment disbursement, better use of land resources and action to ease business difficulties as it targets 10.2% GRDP growth and fiscal revenue exceeding VND 1 quadrillion in 2026. Industrial production and retail and consumer service revenue grew in the first 10 months, while the number of newly established businesses fell.
The Ho Chi Minh City People's Committee recently directed departments and local authorities to pursue targets of 10.2% growth in gross regional domestic product (GRDP), fiscal revenue exceeding VND 1 quadrillion and 100% disbursement of public investment funds for 2026. They must use results from the first 10 months to set out specific tasks for November and December and identify how key projects and businesses will contribute to growth.
Illustrative image of Ho Chi Minh City's economic development.（VietVance）
In the first 10 months, Ho Chi Minh City's industrial production index rose 11% year on year, while total retail sales of goods and consumer service revenue grew 14.7%. Foreign direct investment reached USD 19.1 billion, more than 3.15 times the level in the same period last year, the highest in Vietnam. The city's public investment allocation for 2026 was VND 147.599 trillion; by the end of October, about VND 118.278 trillion had been disbursed, or 80.1% of the plan. Fiscal revenue in the same period totaled VND 761.998 trillion, up 16% year on year.
To speed up disbursement, the city government called for faster progress on key projects, action to address obstacles involving investment approvals, bidding, land clearance, construction material supplies, construction and payments, and timely adjustments to fund allocations. It also called for progress on the allocation of eligible land plots and auctions of land use rights, as well as productive use of idle buildings and land.
Urban planning and support for businesses are also priorities for the end of the year. Ho Chi Minh City is advancing its master plan for 2025–2050 and addressing long-stalled projects. Of the 921 projects under review in the first 10 months, obstacles have been resolved for 361, while approaches have been identified for the remaining 560. During the same period, 45,767 businesses were newly established, down 7.2% year on year; 17,302 completed dissolution procedures, up 177.19%. The city government called for close monitoring of business orders, exports, and raw material and energy supplies, with prompt action to resolve operating difficulties.
Source: VietVance
