Ho Chi Minh City (HCMC), Vietnam’s largest city, has outlined ambitious economic goals for the year ahead. The city plans to increase its per capita income by 12%, bringing it to $9,800, a figure that is twice the national average. This is a significant increase from last year’s per capita income in the city, which stood at $8,755, in comparison to the country’s overall average of $5,026.
In terms of economic growth, HCMC is targeting a 10% increase in 2026, a substantial rise from the 8% growth reported last year. The chairman of the city, Nguyen Van Duoc, outlined the main drivers of this growth: manufacturing, consumption and exports. However, the city’s growth plans do not stop here.
It is also looking to develop three additional areas. An international financial center is being planned, along with a seaport logistics system. Furthermore, the city aims to combine innovation with green and digital transformation for sustainable development.
Challenges that could potentially hinder the city’s economic growth have also been recognized. The issues identified include flooding, traffic congestion, and environmental pollution. These are referred to as the three “bottlenecks”, and the city has proposed several measures to overcome these problems.
The city plans to upgrade its infrastructure, with projects such as the widening of National Highways 22 and 13 and Ring Road 4. There are also plans to construct the Can Gio and Thu Thiem bridges, as well as new metro lines. Chairman Duoc believes that if these projects are successfully implemented, they will significantly contribute to the city’s economic growth by surpassing public spending disbursement targets.
However, this is not without its challenges. Last year, the disbursement was only 74% of the target, amounting to VND89 trillion ($3.39 billion). Despite this, the city remains optimistic about its ambitious economic targets and plans for development.
What does HCMC plan to increase its per capita income to?
HCMC is planning to increase its per capita income by 12%, which will bring it to $9,800.
What are the main drivers of economic growth for HCMC?
The main drivers are manufacturing, consumption, and exports. However, the city also has plans to develop an international financial center, a seaport logistics system, and combine innovation with green and digital transformation.
What challenges is HCMC planning to address to ensure its economic growth?
HCMC plans to address the three “bottlenecks” that are currently holding back its growth. These are flooding, traffic congestion, and environmental pollution. The city plans to address these through various infrastructure projects.
