On October 31st, the Ho Chi Minh City People’s Committee held a meeting to review the city’s socio-economic performance for October and the first ten months of 2025, outlining key tasks and solutions for November. The meeting was chaired by Vice Chairman Nguyen Van Tho.
According to the committee’s report, key economic and social indicators showed sustained recovery and growth over the first ten months. Retail sales and service revenue increased by 15%; industrial production rose by 7.5%, with manufacturing and processing up 11.1%; tourism and transportation also saw significant growth.
The meeting in progress on October 31st
State budget revenue for the first ten months reached 652.509 trillion VND, achieving 97.2% of the central government’s target, 93.6% of the City Council’s target, and 115.5% compared to the same period last year.
Speaking at the conference, Deputy Director of the Ho Chi Minh City Department of Finance, Hoang Vu Thanh, highlighted that domestic revenue remained a bright spot, with a ten-month cumulative estimate of 468.399 trillion VND, reaching 98.5% of the target and 122.5% compared to the same period, with 16 out of 18 revenue items meeting or exceeding progress.
“This result is primarily due to unexpected revenue from land use fees and land rent, particularly from the Can Gio Coastal Urban Area project, which contributed 21.7 trillion VND in land use fees and 5.655 trillion VND in land rent,” said Hoang Vu Thanh.
Additionally, Hoang Vu Thanh noted that Ho Chi Minh City saw over 47,500 new business registrations in the first ten months, a 6.4% decrease year-on-year, with registered capital exceeding 871 trillion VND, up 114% year-on-year.
However, the number of businesses completing dissolution procedures in the city was also high, with 5,883 units, a 39% increase year-on-year; over 34,500 businesses temporarily ceased operations, an 11% increase year-on-year.
By the end of October, Ho Chi Minh City attracted approximately 7.23 billion USD in foreign investment, a 28.67% increase year-on-year. This included nearly 1,500 newly licensed projects with a total capital of over 1.4 billion USD. The city also approved 2,098 foreign investors to contribute capital, purchase shares, or acquire equity in domestic enterprises, with registered capital equivalent to 3.33 billion USD.
Consumer Spending Remains the Key Driver
Nguyen Khac Hoang, Director of Ho Chi Minh City Statistics, noted that the city’s industrial production index increased by 17.5% in the first ten months, the highest since February 2024. Manufacturing and processing were the main drivers of industrial growth.
Furthermore, retail sales and service revenue in Ho Chi Minh City continued to grow, though the growth rate has slowed in recent months.
To achieve the 2025 growth target, Nguyen Khac Hoang emphasized that consumer spending remains the key driver for Ho Chi Minh City, encouraging e-commerce businesses and boosting overall demand for goods.
Simultaneously, the city needs to continue strengthening and addressing limitations in public investment disbursement, study the implementation of traditional market business model transformation plans, and resolve challenges faced by businesses.
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