HCM City's economic estimated growth of 7.17% in 2024 with key highlights

Ho Chi Minh City’s economy has sustained a robust recovery throughout 2024, with quarterly growth rates in the second half of the year higher than those recorded in the first half, as highlighted in the city's latest economic report.

The year started with a 6.79% increase in Q1, followed by a 6.53% rise in Q2, a 7.36% surge in Q3, and an estimated 7.92% growth in Q4.

"The total gross regional domestic product (GRDP) for the entire year 2024 is estimated to increase by 7.17% compared to 2023, nearly reaching the set target of 7.5-8%," stated Mr. Duong Ngoc Hai, Permanent Vice Chairman of the municipal People’s Committee.

The industrial and construction sectors saw a 6.89% increase, with stable growth in industrial production, indicating a sustainable industrial recovery and development for the city.

Total retail sales of goods and consumer service revenue in 2024 grew steadily, estimated at over VND1.2 quadrillion ($47.1 billion), an increase of nearly 11%. Retail sales of goods rose by 11%, accommodation and food services by 9%, travel services by a remarkable 55%, and other services by 8%.

Tourism revenue in 2024 is estimated at VND190 trillion ($7.46 billion), marking an 18.8% increase compared to the same period in 2023. Additionally, the total export turnover of city enterprises through national border gates in 2024 is estimated at $46 billion, an 8.3% increase compared to 2023.

2024 also recorded a record budget revenue for the southern city, exceeding VND508 trillion ($19.95 billion), equal to 105.3% of the assigned estimate, an increase of more than 13.3% compared to 2023.