Ho Chi Minh City's gross regional domestic product (GRDP) rose 8.55 per cent in the first half of 2026, according to a report released by the city's Statistics Office. The economy grew 8.57 per cent in the first quarter and 8.53 per cent in the second quarter.
The services sector remained the main engine of growth, expanding 8.89 per cent. It accounted for 54 per cent of the city's GRDP while contributing 56 per cent of overall economic growth. Transportation recorded the strongest increase at 13.68 per cent, followed by wholesale and retail trade at 8.4 per cent and financial services at 8.21 per cent. By contrast, the real estate sector continued to face headwinds.
Industry and construction grew 8.5 per cent, representing 32.8 per cent of GRDP and contributing 30.6 per cent of total growth. The city's Statistics Office said the sector's performance remained below expectations despite industrial production showing encouraging signs. The industrial production index (IIP) rose 11.1 per cent in the first six months, compared with 8.6 per cent in the same period last year.
The business environment also improved, with the number of newly registered enterprises rising 15.6 per cent and registered capital increasing 26.5 per cent year on year.
Foreign direct investment (FDI) surged to more than USD 6.8 billion, up 114.2 per cent from a year earlier. During the period, 888 new foreign investment projects were licensed with combined registered capital exceeding USD 1.1 billion.
The report noted, however, that the City continued to face pressure from global economic uncertainties, particularly elevated energy prices.
"The city is experiencing greater pressure from production costs, logistics expenses and higher prices for goods and services, which are weighing on growth momentum," the report said.
During the first half of the year, the average consumer price index increased 4.41 per cent. Prices rose across all major categories, led by transportation at 6.19 per cent, followed by food and catering services at 5.78 per cent, and housing and construction materials at 5.22 per cent.
Meanwhile, public investment disbursement remained below target, particularly for several key infrastructure projects. As of June 26, nearly VND 37.3 trillion (approximately USD 1.43 billion) had been disbursed, equivalent to just 25.3 per cent of the government's annual plan.
Ho Chi Minh City is targeting economic growth of at least 10 per cent this year. To achieve that goal, the City's GRDP will need to expand by more than 11 per cent in the second half of 2026.
The Statistics Office said priorities for the remainder of the year include accelerating public investment disbursement, stimulating domestic consumption and closely monitoring price movements. It also urged the City to remove obstacles facing businesses, particularly those related to financing, production space, administrative procedures, input costs and market access.
