HCMC – HCMC’s gross regional domestic product (GRDP) grew by 7.33% year-on-year in the third quarter of the year, up from 6.31% in the second quarter and 6.54% in the first quarter, according to the HCMC Statistics Office.
Despite the acceleration, the city’s growth rate slightly lagged behind the nation’s GDP growth, which was 7.4% during the same period last year.
In January-September, HCMC’s economy expanded by 6.85% year-on-year. The industrial and construction sectors picked up by 6.62%, contributing 22.2% to the total GRDP, while the service sector, which accounted for nearly 70% of the city’s output, increased by 7.46%. Agricultural production experienced a minor decline.
The city’s economic structure in January-September was dominated by services at 65.3%, followed by industry and construction at 21.5%, and agriculture, forestry, and fisheries at just 0.5%.
Industrial output maintained its positive trend, with the index of industrial production rising by 6.9% year-on-year in the first nine months. Many businesses reported securing enough orders that keep them busy until the end of the year, with some extending into the first quarter of 2025.
The construction sector saw a 5.29% increase, though public investment disbursement remained slow. By September 27, only 19.9% of the planned budget for 2024 had been disbursed, far below the target of over 70% by the end of the third quarter.
Retail and service revenues also continued to improve, with third-quarter retail sales and service revenues increasing by 10.6% year-on-year. In the first nine months, total retail sales and service revenues were estimated at over VND872.3 trillion, a 10.5% increase over the same period in 2023.
