GRDP in Ho Chi Minh City grows 8.27% in Q1; city aims to exceed 11% growth in Q2

Ho Chi Minh City’s GRDP grew 8.27% year-on-year in Q1 2026, the highest YoY growth rate in a decade, according to the Ho Chi Minh City People’s Committee’s conclusions report on the city’s economic and social performance in Q1 2026 and its tasks and measures for Q2 2026.

Q1 2026 performance highlights

The report cited several key indicators for Q1 2026:

• GRDP growth: 8.27% YoY (highest in ten years).
• Retail sales: total retail sales of goods and consumer services rose 13.3%.
• Tourism: international visitors reached 3.9 million and domestic visitors 15.4 million.
• Industrial production: the Industrial Production Index (IIP) increased 11%.
• State budget revenue: Q1 revenue exceeded VND 247 trillion, up 19% and equal to 30.8% of the central plan.
• FDI attraction: nearly USD 2.9 billion was attracted, up 219% YoY.
• Business formation: the number of newly established enterprises rose 33.85%.
• Registered capital: registered capital increased 36%, with more than 15,500 enterprises and VND 103,000 billion in registered capital.

Q2 2026 targets and required actions

For Q2 2026, Ho Chi Minh City aims for GRDP growth above 11%. The report said all departments, agencies, localities, and state-owned enterprises must finalize and issue plans to deliver on this two-digit growth target.

At the third expanded meeting of the City’s Party Committee on 10 April, the city emphasized accelerating the implementation of tasks and measures, including addressing urban issues such as traffic congestion, flooding, environmental pollution, food safety, fire prevention, and building a drug-free city. The meeting also noted consideration of drafting a new resolution to replace the current one and proposing the establishment of a special city.

Resource mobilization and public investment disbursement

The city’s Q2 plan includes mobilizing resources for development exceeding VND 1.2 quadrillion and accelerating the disbursement of public investment. It also calls for removing land and administrative bottlenecks to support major projects.

The plan further focuses on preparing for the groundbreaking and inauguration of key transport and infrastructure projects in time for holidays at the end of April and early May. Projects mentioned include:

• the new administrative center and landscape park at Thu Thiem Lake
• the Nhà Rồng – Khánh Hội port area and expansion of the Ho Chi Minh Mausoleum precinct
• metro line 2 (Ben Thanh – Thu Thiem)
• Ho Tram – Long Thành expressway
• International University City in Hoc Mon
• Cai Mép Ha port complex
• Can Gio international transshipment port

Deadline for rail acceleration

The report also stated that the city will accelerate the Thủ Thiêm – Long Thành railway, targeting completion of acceleration measures by 30 June.

Growth drivers and economic restructuring

Ho Chi Minh City said it will accelerate growth drivers including the digital economy, green economy, science and technology, innovation, and clean energy. The city set a target for the digital economy to account for 30% of GRDP.

The report added that the city aims to operate the Vietnam International Financial Center effectively and attract financial institutions and strategic investors. It also highlighted advancing development of the free trade zone around the Cai Mép Ha port.