HCMC – Gross regional domestic product (GRDP) of the new HCMC in the first half of this year is estimated to have grown by 6.56% with crude oil included, and 7.49% when crude oil is excluded, according to a report by the HCMC People’s Committee.
The city government convened a meeting on July 5 to review the city’s socio-economic performance in the first half of the year and outline priorities for the remainder of the year. The session marked the first socio-economic review held under the city’s newly implemented two-level local governance model.
According to the report, total retail sales of goods and services in HCMC rose by 16.2%, while fresh foreign direct investment (FDI) approvals exceeded VND5.2 trillion between January and June.
Budget revenue was estimated at VND415 trillion, meeting 60% of the annual target, and public investment disbursement reached 32% of the plan assigned by the prime minister.
Specifically, GRDP of the former HCMC grew by 7.82% year-on-year, with budget revenue estimated at VND322 trillion, fulfilling over 62% of the target.
On July 1, Ho Chi Minh City (HCMC) became a megacity following the merger of HCMC and two neighboring provinces, Binh Duong and Ba Ria-Vung Tau.
Former Binh Duong Province recorded GRDP growth of 8.3% in the first half of the year, while former Ba Ria-Vung Tau Province saw more modest growth at just 2.61%.
The first socio-economic meeting of the new HCMC also reviewed the initial four days of operating under the two-tier local government model and assessed the potential impacts of U.S. reciprocal tariffs on production and business activities in the second half of the year.
Nguyen Van Duoc, chairman of the HCMC People’s Committee, required relevant departments to report challenges under the new administrative structure, the handling of administrative procedures, and public satisfaction with the services.
He noted that the new HCMC delivered solid socio-economic results in the first half, but warned of mounting challenges ahead.
Regarding urban planning, he said that the three former localities prior to the merger had already announced their respective planning projects. However, he emphasized the need for broader adjustments in the near future, guided by a new vision and strategy that leverages the combined strengths of the three areas.
He stressed that the ultimate goal should be for the new HCMC to rank among the world’s top 100 most livable cities.
