Ho Chi Minh City Aims for Over 11% Growth in Q3

Ho Chi Minh City is targeting GRDP growth of over 11.07% in the third quarter of 2026 as part of its ambitious plan to achieve a double-digit growth rate for the full year, aiming for 10% or more. This proactive approach underscores the city's commitment to robust economic expansion. To realize this target, the city is implementing several key strategies. A primary focus is the stimulation of domestic consumption, which has already seen a growth of over 13% in the first quarter. Maintaining and accelerating this momentum is crucial for economic support. Furthermore, the tourism sector continues its strong growth trajectory, with enhanced initiatives to attract both domestic and international visitors expected to bolster the recovery and expansion of the service industry. Significant efforts are also being directed towards the drastic reform and simplification of administrative procedures. The government recognizes that removing bureaucratic hurdles is essential for driving double-digit growth, thereby fostering an improved investment climate and promoting business activities by making it easier for companies to establish and operate. Nationally, Vietnam is increasingly focused on driving higher-value growth by boosting exports. Ho Chi Minh City is poised to play a pivotal role in this national strategy, aiming to enhance export competitiveness through the encouragement of manufacturing upgrades and investment in new industrial sectors. Ho Chi Minh City's economic growth strategy highlights the coordination between the central government and local authorities within Vietnam's one-party system, prioritizing economic development. In the context of complex relations with China, enhancing domestic economic self-reliance is paramount for Vietnam's national interests. The impact of these growth strategies on the improvement of citizens' lives will be a key area to watch. Information Source: VietnamPlus English