Ho Chi Minh City accelerates efforts to hit 10% growth target in 2026

To this end, the municipal administration urged agencies and local administrations to review their workloads, address overdue tasks, streamline procedures and resolve obstacles affecting investment, production and business activities.

The city is targeting full disbursement of its VND147.599 trillion (US$5.67 billion) public investment budget for 2026.

Project management boards and the administrations of 168 communes, wards and special zones have been asked to focus on compensation, site clearance and relocation of technical infrastructure while speeding up construction.

The city will also work with 16 strategic investors and major companies to resolve obstacles, speed up the disbursement of VND171.727 trillion ($6.6 billion) in foreign direct investment and accelerate key projects during the final four months of the year.

Among the high-tech projects singled out by the city are the Tan Phu Trung Data Center, worth $2.1-2.2 billion, and a TikTok project worth around $980 million.

The municipal Department of Construction will coordinate with the authorities of communes, wards and special zones to review residential construction permits, with the city aiming to mobilize an additional VND13.085-16 trillion ($503-615 million) in investment by residents.

The city's Department of Industry and Trade has been tasked with stepping up consumer stimulus programs, targeting 16-18 percent year-on-year growth in total retail sales of goods and consumer service revenue during the final four months of the year.

The city has also set a target of 19.3 percent growth in exports in the fourth quarter compared to the same period last year. 

The municipal administration is targeting VND375.243 trillion ($14.42 billion) in budget revenue during the final four months of the year to bring full-year revenue above VND1 quadrillion ($38.43 billion).

The tourism sector is required to roll out programs to stimulate demand during the year-end peak season, targeting 340,000-350,000 international visitor arrivals per month, with full-year tourism revenue expected to exceed VND330 trillion ($12.68 billion).

The State Bank of Vietnam's Region II branch has been instructed to direct credit institutions to prioritize funding for production and business activities, with full-year credit growth targeted at 16-18 percent.

According to the municipal administration, the city's GRDP grew 8.55 percent in the first six months of 2026, while nine-month growth is currently estimated at 8.5-9 percent.

To bridge the gap, the city is targeting at least 11.07 percent growth in the third quarter to push nine-month growth to at least 9.43 percent as it works toward full-year growth of 10 percent or higher.

"With responsibility, solidarity, determination and decisive action from the entire political system, the business community and the people, the city will overcome difficulties, unlock resources, accelerate development and achieve its 2026 goals and targets," said chairman of the city's administration Nguyen Van Duoc at a meeting on September 4.