HCMC – The city expects steady economic recovery with a gross regional domestic product (GRDP) growth rate of 7.17% in 2024, following disruptions in recent years, officials announced at a year-end meeting on December 26.
Quarterly GRDP figures highlighted consistent improvement, with growth reaching 6.79% in Q1, 6.53% in Q2, 7.36% in Q3, and an estimated 7.92% in Q4.
The industrial and construction sectors recorded a 6.89% expansion, while trade and services grew 7.7%. Agriculture posted modest growth of 0.12%, and tax revenue increased 5.14%.
Retail sales and service revenues totaled VND1.2 quadrillion, a 10.7% year-on-year rise. Retail activities grew by 11%, lodging and dining services jumped 9%, and travel services surged 55%. Exports climbed 8.3% to US$46 billion, and imports rose 5.9% to US$58.6 billion.
The city allocated VND79.3 trillion for public investment in 2024. By late November, 24.9% of this target had been disbursed, with authorities aiming to reach 76.9% by year-end and 81.4% by Q1 2025.
Business activity saw a slight decline, with new market entrants dropping 1.2% year-on-year to 52,500 businesses. Newly registered capital fell 16.6% to VND400 trillion, while supplementary capital decreased 39.7% to VND340 trillion.
Key priorities for the city include major infrastructure projects such as coastal roads, the Thu Thiem-Long Thanh railway, and the Can Gio port. Additionally, efforts will focus on advancing the digital and green economies, administrative reforms, and upgrading infrastructure.
Looking ahead, HCMC aims to solidify its role as an economic hub and achieve its ambitious growth target of over 10% GRDP for 2025.
