VOV.VN - Ho Chi Minh City is looking to unlock new sources of economic growth as officials and economists seek ways to achieve double-digit expansion in 2026, despite signs that traditional growth drivers are losing momentum.
The strategy was discussed at an expanded meeting of the city’s Party Committee on July 6, where officials and economists examined measures to sustain economic momentum and meet one of Vietnam’s most ambitious growth targets.
According to Truong Minh Huy Vu, the city’s gross regional domestic product (GRDP) grew 8.55% in the first half of 2026, marking its strongest first-half performance in a decade. However, he said maintaining historical growth patterns would make it difficult for the city to exceed 10% growth for the full year.
Vu said conventional growth drivers were gradually reaching their limits, making it necessary to develop new engines of expansion. He identified three strategic priorities: the marine economy linked to logistics, the development of an international financial centre, and advances in science, technology, innovation and digital transformation.
“To gain an additional percentage point of growth, Ho Chi Minh City needs to cultivate new growth drivers,” he said, adding that faster public investment disbursement and stronger private and foreign investment would be critical in the near term.
Speaking at the meeting, Municipal Party Secretary Tran Luu Quang described the city’s 8.55% growth rate as its highest in ten years, saying it reflected improving economic quality as well as stronger momentum.
He nevertheless acknowledged that achieving double-digit growth would require significant changes in governance and implementation, urging authorities to focus on three key objectives - achieving double-digit economic growth, collecting VND1 quadrillion (approximately US$38 billion) in state budget revenue, and fully disbursing public investment capital.
The city leader also called for faster resolution of long-standing administrative bottlenecks and closer coordination with central authorities to finalise the legal framework for Vietnam’s proposed Special Urban Law, which is expected to provide greater policy flexibility for Ho Chi Minh City.
Regarding tourism services, Quang held that Ho Chi Minh City still has much room for development and needs to continue researching new policies and solutions to exploit it more effectively, contributing more to the growth of the city and the country as a whole.
Official data presented at the meeting showed the city attracted more than US$7.5 billion in foreign direct investment during the first six months of the year, up nearly 90% from a year earlier, while more than 31,000 new businesses were established.
Despite the positive momentum, officials said challenges remain, including slow public investment disbursement, planning issues and land-related administrative procedures, all of which continue to weigh on the city’s growth outlook.
VOV.VN - Ho Chi Minh City’s foreign direct investment (FDI) more than doubled in the first half of 2026 to over US$6.8 billion, up 114% year-on-year and meeting 61.8% of its full-year target.
VOV.VN - Ho Chi Minh City is to hold a grand ceremony on July 2 marking the 50th anniversary of Saigon–Gia Dinh officially being renamed after President Ho Chi Minh (July 2, 1976–2026).
VOV.VN - Party General Secretary and State President To Lam on July 2 called for Ho Chi Minh City to transform into a strategic mega-city with regional and international competitiveness, saying the city must continue serving as Vietnam’s leading growth engine while living up to the responsibility of bearing President Ho Chi Minh’s name.
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