HCMC aims to achieve GDP growth of 7.5% this year

According to Nguyen Khac Hoang, Director of the Ho Chi Minh City Statistics Office, industrial production, consumption, and export are the three pillars of the city's growth. Each of these sectors is showing positive signs.

Hoang says that as businesses ramp up for the year-end production cycle, orders are already in for the end of this year and early next year. Retail sales and consumer service revenue continue to rise, signaling a healthy recovery.

“A 14.3% increase in budget revenue reflects stable growth in the production and business sectors. It’s also encouraging to see exports rebounding after months of decline, with revenue rising 1.2%. Regular budget expenditures grew 14.1%, which is a positive indicator of the city’s growth,' said Hoang.

In the past nine months, the city's retail sales were 11% above the same period last year. Nguyen Thi Thu Hien, Central Retail’s Director of External Relations for the Southern and Central Regions, said: “People are gradually returning to their shopping routines. Consumer behaviors have evolved, and new distribution models are emerging, giving manufacturers more opportunities to expand to neighboring areas. Since July, things have been picking up, and we’re optimistic about a strong finish to the year.”

(Photo: VOV)

The city has set a challenging target of 9% growth in the fourth quarter. Experts believe that if the global economy remains healthy and the city effectively implements its growth strategy, the annual growth rate could reach somewhere between 7% and 7.5%.

Economist Tran Du Lich said: “Given the setbacks from COVID-19, growth was zero two years ago. Now the focus is on the period from 2022 to 2025. This year I’m confident the city can meet its 7-7.5% growth target.”

Ho Chi Minh City is focusing on long-term growth by shifting its growth model toward high-tech industries and green sustainable development, which are considered key factors for maintaining robust growth in the medium term.