Ho Chi Minh City's gross regional domestic product (GRDP) grew 9.86 per cent in the third quarter, according to statistics released by the city's Statistics Office.
An aerial view of Ho Chi Minh City (Photo: Nam Anh).
Excluding oil and gas, the growth rate reached double digits at 10.08 per cent, signalling stronger momentum across the local economy.
Agriculture, forestry and fisheries grew 3.4 per cent, contributing 0.7 per cent to overall GRDP growth. Industry and construction expanded 10.17 per cent, accounting for 37.5 per cent of the increase. Industry alone grew 9.94 per cent and contributed 33.3 per cent, while construction surged 12.52 per cent, contributing 4.2 per cent.
Services remained the main driver, growing 9.95 per cent and contributing 51.9 per cent to GRDP growth. Taxes on products less subsidies increased 9.59 per cent, contributing 9.9 per cent.
Strong third-quarter growth helped lift the city's nine-month GRDP growth to 9.06 per cent year on year. Excluding oil and gas, the economy expanded 9.16 per cent.
The Statistics Office said the city had rolled out measures to promote growth, stabilise production and business activity, and unlock development resources amid persistent external uncertainty.
Economic growth remained positive and relatively broad-based across sectors. However, the city continued to face pressure from fluctuations in raw material and fuel prices, logistics costs and uncertainty in global markets. Public investment disbursement on some projects also needs to accelerate in the final months of the year.
Speaking to Dantri/Dtinews on October 3, Pham Binh An, deputy director of the Ho Chi Minh City Institute for Development Studies (HIDS), said the city's GRDP would need to grow by more than 13.5 per cent in the fourth quarter for the full-year growth rate to reach double digits.
He described the target as a significant challenge given ongoing volatility in the international and trading environment.
To meet the target, the city should focus on several key measures, including accelerating investment disbursement, particularly state and foreign direct investment.
The city needs to resolve legal obstacles, speed up site clearance and closely monitor strategic projects such as the Binh Quoi-Thanh Da urban area, the Ben Thanh-Can Gio railway and Thu Thiem. The aim is to disburse an additional VND190 trillion (USD7.3 billion) in state investment and VND 172 trillion (USD 6.6 billion) in FDI during the final three months of the year.
The city should also promote manufacturing and exports by helping businesses secure new orders and expand capacity in slower-growing sectors such as textiles and garments, footwear, electronics and motor vehicles.
Large FDI projects, including data centres and TikTok-related projects, should also be accelerated, while domestic consumption should be stimulated alongside efforts to keep prices of essential goods under control.
“Services account for more than 60 per cent of the city's GRDP, so the sector needs to accelerate to lift commercial and service revenues in the final three months of the year,” Binh An said.
He said the city should aim to attract 340,000-350,000 international visitors a month, while the real estate sector should target revenue growth of about 15 per cent.
Controlling the consumer price index and avoiding sudden increases in public service prices would also help protect purchasing power and support macroeconomic stability, he added.
A business sentiment survey released by the city's Statistics Office found that companies had actively adapted to market fluctuations, adjusted production and sought new orders.
Businesses were more optimistic about the fourth quarter than the third. Some 36.4 per cent expected conditions to improve, while 45.2 per cent expected stability and 18.4 per cent anticipated greater difficulties.
A separate survey of industrial businesses found that the three biggest factors affecting operations were strong competition from domestic products, cited by 50 per cent of respondents; weak domestic demand, cited by 45.9 per cent; and high borrowing costs, cited by 37.8 per cent.