HCMC – HCMC aims to mobilize VND620 trillion by 2025 to achieve its ambitious double-digit economic growth target, according to Phan Van Mai, chairman of the HCMC People’s Committee.
“In 2025, HCMC is determined to realize the instruction of the central Government to achieve double-digit economic growth. From 7.17% in 2024, and given the city’s economic scale, achieving at least 10% growth will not be simple. By the end of 2024, HCMC’s gross regional domestic product (GRDP) is projected to reach VND1.78 quadrillion. To grow 10% beyond that, we will need an estimated VND620 trillion in investment capital,” he said.
Mai was speaking at a signing ceremony between the HCMC Finance and Investment State-owned Company (HFIC) and several banks on January 6, highlighting the city’s commitment to accelerating growth.
To meet this target, HCMC plans to draw on diverse funding sources. The state budget is expected to provide VND110 trillion, with over VND510 trillion coming from external sources. Of this, VND370 trillion is projected to come from bank financing, with the remainder from foreign direct investment (FDI), incoming remittances, and HFIC-led projects.
The capital will be channeled into major infrastructure initiatives, including ring roads, metro systems, and an international financial center. Additional measures will focus on boosting consumption, export, and new growth sectors.
HFIC, the city’s public financial institution, is resuming its interest rate support program to aid sustainable development. The program, which was paused previously, restarted in late 2023 and utilizes public investment funds, said Truong Tuan Anh, general director of HFIC.
During the signing ceremony, nine commercial banks signed cooperation agreements with HFIC to provide flexible financing solutions. These partnerships are expected to support HCMC’s vision of becoming a leading economic and financial hub in the region.
