Ho Chi Minh City’s economy in the first month of 2025 achieved positive results, especially in retail and consumer services, with strong growth attributed to market stabilization and transport support programs.
The Chairman of the Ho Chi Minh City People’s Committee, Phan Van Mai, directed key tasks for February and the coming months. These tasks include focusing on organizational reform, economic growth, and accelerated disbursement of public investment capital, as well as implementing key projects to lay a solid foundation for development in 2025.
VIBRANT RETAIL AND SERVICE SECTOR IN THE FIRST MONTH
According to the Ho Chi Minh City Statistics Office, the first month of 2025 marked the peak of shopping activities before the Lunar New Year. Businesses in the city increased their supply of goods to meet the diverse demands of consumers in terms of quality and designs, while maintaining stable prices.
As a result, the total retail sales of goods and service revenue in January 2025 was estimated at VND 107,996 billion, an increase of 7.5% compared to the previous year.
The city’s Statistics Office attributed this success to the effective market stabilization program, ensuring a continuous supply of goods to serve the people before, during, and after the Lunar New Year. This maintained stable prices for goods and services in the city. The consumer price index (CPI) in January increased by 0.92% compared to the previous month and 4.29% over the same period.
Additionally, the positive growth of e-commerce contributed to the city’s logistics services, and transport activities increased during the Lunar New Year peak season. This resulted in an estimated total revenue of VND 41,217 billion for passenger and cargo transport, loading and unloading, and supporting transport services in January, a 22.6% increase compared to the previous year.
However, the Statistics Office also acknowledged a decrease in industrial production in the city due to the Lunar New Year holiday. The industrial production index (IIP) is estimated to have decreased by 21.1% compared to the previous month and 9% over the same period.
On February 5, at the Conference on the Review of the Organization, Care for the Lunar New Year; socio-economic situation in January and tasks and solutions for February 2025, Chairman of the Ho Chi Minh City People’s Committee, Phan Van Mai, assessed that the city’s socio-economic situation in January 2025 had achieved positive results, with some indicators showing high growth compared to the same period.
“Many projects have been completed and put into use, and new projects have been started. These are encouraging results and form a foundation for future development,” Mr. Mai stated.
KEY TASKS FOR THE COMING PERIOD
Along with the achievements, the Chairman of the City People’s Committee also pointed out existing limitations and requested the leaders of related departments and sectors to urgently review, evaluate, and propose specific solutions for improvement.
Accordingly, the Chairman emphasized several key tasks for February 2025. He requested all departments and districts to immediately focus on their work with a mindset of determined innovation. Each department and district must update and review tasks, targets, and solutions to ensure effective implementation.
The Chairman agreed with the proposal of the City’s Department of Planning and Investment to assign growth targets and capital mobilization targets to relevant departments and sectors to ensure a double-digit growth rate.
Regarding organizational restructuring, Mr. Mai requested that all departments, sectors, and districts quickly stabilize their operations and ensure continuity, especially in units related to receiving documents from citizens and businesses.
At the same time, they should prepare content for submission to the City People’s Council regarding the organization of agencies and policies during the restructuring process. The Department of Home Affairs will act as the standing agency, coordinating with related departments and the People’s Council’s committees to shorten the preparation time.
“The city needs to focus on implementing the Civil Service Scheme. For the contents in the plan that are within the city’s authority, we need to prioritize immediate implementation and reorganize the apparatus. Additionally, we should continue studying and contributing to the amendment of related laws,” directed the Chairman of the Ho Chi Minh City People’s Committee.
In terms of investment for development, the city needs to strongly promote the disbursement of public investment capital to ensure progress according to the plan, complete the planning and implement the planning in 2025, and focus on key projects. At the same time, Resolution 57 of the Politburo should be applied to allocate funds for science and technology development.
The city’s leader also requested a focus on tasks and solutions to ensure a 10% GRDP growth rate. This includes ensuring the mobilization of a total social investment capital of VND 620,000 billion, including VND 112,000 billion in public investment, VND 70,000 billion in foreign direct investment (FDI), and VND 422,000 billion in non-budget investment.
On February 6, 2025, the Ho Chi Minh City People’s Committee held a conference to announce the master plan of Thu Duc City (Ho Chi Minh City) until 2040 and promote investment in this new city.
The goal of this master plan is to develop Thu Duc City into a creative and highly interactive urban area, leading the economy of Ho Chi Minh City and the region through knowledge-based economic activities, and initially becoming a financial center of the country, aiming towards international status.
Investing Invitation: Over $800 Billion for 535 Projects in Thu Duc City
Over $1.4 billion has been invested in 12 projects in Thu Duc City, Ho Chi Minh City, according to a recently approved plan. This has prompted the local government to seek further investment for 535 projects, with a staggering capital of up to VND 800,000 billion.
What Solutions Will Drive Ho Chi Minh City’s Double-Digit Growth?
According to Ho Chi Minh City Party Committee Secretary Nguyen Van Nen, the city must achieve the target of double-digit growth and fulfill all 22 set indicators. This is an ambitious goal, but with the right conditions and a dedicated effort, it can be achieved.
Unleashing Public Investment to Spur 2025 Growth
Public investment is seen as the spearhead to boost growth this year, supporting a scenario of declining international trade and affected domestic consumption.
A Creative and Compelling Headline:
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The Ho Chi Minh City People’s Committee has collaborated with Vingroup to propose a metro project that will revolutionize transportation in the city. This innovative idea aims to connect the bustling city center with the tranquil district of Can Gio, offering a seamless travel experience for all. With Vingroup’s expertise and the committee’s vision, this project promises to be a game-changer, enhancing the city’s infrastructure and providing a much-needed transport link.
