HCMC – The economic landscape of HCMC has changed for the better, with robust growth in retail and tourism, showed new data from the HCMC Statistics Office.
Total retail sales of goods and services in the first 10 months of this year amounted to VND979 trillion, up by a solid 10.1% year-on-year. This growth was largely fueled by strong retail gains, with goods sales up by 10.4%, and a remarkable 46.7% increase in tourism revenue, signaling a rebound in consumer spending and travel.
According to the Department of Tourism, the city welcomed over 35.5 million international and domestic tourists in the first 10 months of this year, generating nearly VND156.65 trillion in revenue, up by 11.9% from 2023.
The accommodation and food services sector also saw notable growth with an 8.9% rise, while other service categories contributed an additional 7.7%. Transportation services recorded solid activity, with freight transport revenue increasing by 9.4% and passenger transport revenue up by 9.5%.
In industry, HCMC’s industrial production index (IIP) climbed by 6.9% over the first 10 months, led by a significant 44.3% surge in mining. Manufacturing saw a more modest increase of 6.8%.
Among four key industries, namely electronics, food processing, pharmaceuticals, and mechanical engineering, pharmaceuticals led the way with a 16.9% production increase. Food processing rose by 3.1%, electronics edged up by 1.5%, while machinery and equipment manufacturing fell by 4.2%.
However, public investment slowed, with capital investment from the state budget declining by 2.3% compared to the same period last year.
The city’s financial outlook reveals a widening gap between revenue and spending. Total state budget revenue picked up by 10% to more than VND408.4 trillion, while local budget spending slid by 7.9% to VND60.8 trillion, only 40.5% of the planned budget.
The Consumer Price Index (CPI) recorded an overall year-on-year increase of 3.16%. Education costs saw the highest rise at 8.06%, followed by healthcare at 7.85%, and housing and construction materials at 3.92%.
