Ho Chi Minh Times

Friday, Oct 17, 2025

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.
Newsletter

Related Articles

Ho Chi Minh Times
0:00
0:00
Close
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
China Imposes Sanctions on South Korean Shipbuilder Over U.S. Ties
Russia Positions ASEAN Partnership as Cornerstone of Multipolar Asia at Kuala Lumpur Summit
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
China Issues Policy Documents Exclusively in Domestic Office Format Amid Tech Tensions
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
The Davos Set in Decline: Why the World Economic Forum’s Power Must Be Challenged
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Wave of Complaints Against Apple Over iPhone 17 Pro’s Scratch Sensitivity
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
Foreign-Worker Housing Project in Kutchan Polarises Japan’s Demographic Debate
Central Asia’s Economies Poised for 6.1% Growth in 2025
India’s GST Collections Surge to ₹1.89 Lakh Crore in September
ADB Approves New Country Strategy to Boost Indonesia’s Growth
Indian Firms Take Lead in Electronics Manufacturing Push
Hong Kong Retains Third Place in Global Financial Centre Ranking
Malaysia Proposes Dual-Supply-Chain Strategy to Attract Investment
Chinese Economist Urges China-India Collaboration to Unlock Growth
Japanese Corporations Shift Toward Enhanced Shareholder Returns
ADB Signs First Sustainability-Linked Loan for Bangladesh Textile Sector
Hong Kong Retail Recovery Driven by Tourism Rebound
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
President Lee Warns U.S. Demands Could Push South Korea Toward Financial Crisis
Indonesia Court Upholds Military Law Amid Concerns Over Expanded Civilian Role
Vietnam Closes 86 Million Untouched Bank Accounts Over Biometric ID Rules
Marcos Faces Legacy-Defining Crisis as Flood Projects Scandal Sparks Massive Tide of Protests
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Japan’s ‘Death-Tainted’ Homes Gain Appeal as Prices Soar in Tokyo
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
×