Ho Chi Minh Times

Saturday, Dec 14, 2024

HCMC’s Economy Surges with Strong Retail and Tourism Growth in 2024

Robust increases in retail sales and tourism revenue highlight positive economic trends despite slowed public investment
Ho Chi Minh City’s economic landscape has improved significantly in 2024, driven by a robust 10.1% year-on-year increase in total retail sales of goods and services, reaching VND979 trillion. Retail growth was fueled by a 10.4% rise in goods sales and an impressive 46.7% jump in tourism revenue. The city welcomed over 35.5 million international and domestic tourists in the first ten months, generating nearly VND156.65 trillion, up 11.9% from 2023. Additionally, the accommodation and food services sector grew by 8.9%, while other service categories saw a 7.7% increase.

Industrial production in HCMC also saw substantial growth, with the Industrial Production Index climbing 6.9%. Mining led the way with a 44.3% surge, followed by a 6.8% rise in manufacturing. Among key industries, pharmaceuticals experienced the highest growth at 16.9%, while food processing and electronics grew by 3.1% and 1.5% respectively. However, machinery and equipment manufacturing declined by 4.2%. Despite these gains, public investment slowed, with state budget capital investment decreasing by 2.3%.

The financial outlook for HCMC shows a widening gap between revenue and spending. State budget revenue increased by 10% to over VND408.4 trillion, whereas local budget spending fell by 7.9% to VND60.8 trillion, achieving only 40.5% of the planned budget. The Consumer Price Index rose by 3.16% year-on-year, with education costs up 8.06%, healthcare 7.85%, and housing and construction materials 3.92%, reflecting the ongoing challenges in managing the cost of living despite economic growth.
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