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.