The Ho Chi Minh City Statistics Office has released its report on the socio-economic situation for Q3 and the first nine months of 2025. The city’s Gross Regional Domestic Product (GRDP) in Q3 increased by 8.11% compared to the same period last year, outpacing the 0.87% growth rate of Q2.
“The city’s economic trend is showing steady improvement, with each quarter surpassing the previous one. This contrasts with earlier international forecasts predicting a downturn in the second half of the year due to U.S. tariff impacts.”
The Statistics Office highlights that proactive governance and the efficient management of the megacity, which accounts for a quarter of the nation’s economy, are yielding positive results.
The robust Q3 growth has propelled the city’s nine-month economic expansion to 7.07%, a 0.51% increase from the first half of the year.
Among the key growth drivers, the service sector leads with an 8.59% increase, contributing 61.2% to overall growth despite representing 51.6% of the economy. Notable sectors include e-commerce, accommodation, and food services, which saw a significant 11.73% rise.
To achieve its 2025 GRDP growth target of 8.5%, Ho Chi Minh City must accelerate its growth to a double-digit rate in Q4, aiming for 12-13% or higher.
The Industrial Production Index (IIP) grew by 6.9% year-on-year, driven primarily by manufacturing. The Statistics Office forecasts improved production and business conditions in Q4 2025.
“Despite challenges such as rising input costs, technological innovation demands, and fluctuating export orders, the city’s industrial sector showed promising signs in September 2025. Key industries and traditional sectors demonstrated positive growth, bolstering the city’s economic expansion,” the office noted.
To sustain high growth in the final months, Cao Minh Nghia, Deputy Head of the Research and Development Department at the Ho Chi Minh City Development Research Institute, recommends prioritizing public investment disbursement, domestic consumption stimulation, and tourism development. Full disbursement of allocated capital, particularly for infrastructure, logistics, flood control, and energy transition projects, is critical for short-term growth.
“The city should establish a ‘special task force’ to streamline procedures, set transparent KPIs, and implement clear rewards and penalties for project owners. With consumption accounting for over 60% of the service sector’s GRDP, initiatives like regional trade fairs, reduced logistics costs, and payment solutions can boost purchasing power,” Nghia advised.
Source: Ho Chi Minh City Statistics Office
According to the Statistics Office, the city’s expansion under the “1 center, 3 regions, 1 special zone” urban governance model has opened new growth opportunities. However, initial implementation has not fully leveraged regional potential, prompting efforts to resolve bottlenecks and enhance coordination mechanisms.
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