At a conference on October 15 reviewing the city's socio-economic performance over the first nine months of 2026 and measures to promote double-digit growth, investment and domestic demand, Chairman of the municipal People's Committee Nguyen Van Duoc said the final quarter would be particularly challenging.
The city's gross regional domestic product (GRDP) must grow 13.23 percent in the fourth quarter to achieve its full-year growth target of 10.02 percent, while public investment disbursement must reach 100 percent of the assigned plan.
The conference was attended by Mr. Tran Luu Quang, Politburo Member and Secretary of the Ho Chi Minh City Party Committee, while Mr. Nguyen Van Duoc, Member of the Party Central Committee and Deputy Secretary of the municipal Party Committee, chaired the meeting.
Also attending were Mr. Dang Minh Thong, Deputy Secretary of the Ho Chi Minh City Party Committee; Mr. Hoang Nguyen Dinh, Standing Committee Member of the municipal Party Committee and Vice Chairman of the municipal People's Committee; Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Council; and Mr. Nguyen Cong Vinh and Mr. Truong Minh Huy Vu, both Vice Chairmen of the municipal People's Committee.
Mr. Nguyen Van Duoc called on leaders of municipal departments and agencies to focus on practical solutions to fulfill the year's targets, emphasizing the need to mobilize resources, accelerate investment and resolve long-standing obstacles to development projects.
Despite persistent difficulties, the city's economy maintained solid growth momentum during the first nine months, with GRDP expanding 9.06 percent, the highest rate in more than a decade, according to Mr. Nguyen Van Duoc. The city accounted for approximately 23.4 percent of Vietnam's economic output and contributed about 30 percent of national budget revenue.
Foreign direct investment (FDI) reached US$17.8 billion, representing around 30 percent of the country's total, while public investment disbursement rose to 75.5 percent of the assigned plan by the end of September.
However, the nine-month growth rate fell short of the city's target of 9.43 percent, leaving a substantial gap to close in the final quarter.
The city is also striving to collect VND1 quadrillion (approximately US$38 billion) in budget revenue in 2026. Having collected 80 percent of the annual target by the end of September, it must secure the remaining 20 percent in the fourth quarter.
Another priority is to resolve all remaining bottlenecks affecting delayed projects, which account for approximately 40 percent of the total workload identified for remediation. The city aims to ensure that more than half of these projects become operational in substantive terms, allowing land resources to be brought to market.
Mr. Nguyen Van Duoc urged officials to focus discussions on expanding budget revenue, unlocking resources, accelerating public investment disbursement and attracting private capital. He also called for stronger coordination to address project-related obstacles and mobilize investment from major corporations and businesses undertaking large-scale developments.
Mr. Hoang Vu Thanh, Director of the municipal Department of Finance, said the city's socio-economic conditions had continued to recover and improve during the first nine months. The stable operation of the two-tier local government model, alongside newly introduced institutional mechanisms, had provided an important foundation for stronger economic momentum across successive quarters.
Total social investment capital was estimated at VND510.286 trillion, up 10.2 percent year on year, highlighting continued investment activity.
FDI inflows were particularly strong, reaching approximately US$17.8 billion, or 62.4 percent above the full-year target, and surging 323.1 percent from the same period last year.
Public investment implementation also showed significant progress. The city allocated VND147.599 trillion, equivalent to 100 percent of the plan assigned by the prime minister, and disbursed VND111.494 trillion by the end of September, representing 75.5 percent of the allocated amount.
Meanwhile, authorities have stepped up efforts to resolve persistent difficulties affecting long-delayed projects, addressing problems at 252 of the 921 projects identified.
Despite these gains, Ho Chi Minh City continues to face considerable challenges in achieving double-digit growth for the full year. Production costs and weak purchasing power remain sources of pressure, while site clearance, planning procedures, and land-price determination at several projects have yet to progress at the required pace.
