HCMC POSTS OVER VND500 TRILLION IN BUDGET REVENUE IN FIRST HALF

A view of downtown HCMC - PHOTO: LE VU

HCMC – Ho Chi Minh City collected more than VND500 trillion in state budget revenue in the first six months of 2026, equivalent to nearly 62% of the full-year target, while industrial production and foreign investment surged following the city‘s administrative merger with the former provinces of Binh Duong and Ba Ria-Vung Tau.

Presenting a socioeconomic report to the third session of the municipal People’s Council on June 19, Vice Chairman of the city government Nguyen Cong Vinh said the city’s key economic indicators showed broad-based growth.

Total social investment was estimated at over VND312 trillion, up 10.9% from a year earlier. Domestic consumption rose 11.46%, while tourism revenue jumped 63.9% to nearly VND214 trillion, supported by 6.39 million international arrivals.

The city allocated more than VND129 trillion for public investment and disbursed an estimated VND44 trillion in the first half. Authorities also resolved legal bottlenecks affecting all 838 delayed projects identified by the Government, unlocking more than VND206 trillion worth of economic resources.

On the technology front, 5G coverage has reached 95% of the city. HCMC’s startup ecosystem climbed 12 places to enter the world’s top 100, achieving the milestone four years ahead of schedule.

Foreign direct investment inflows totaled more than US$6.8 billion, up 114% year-on-year, while the industrial production index rose 11.5%.

The figures highlight the economic benefits of the enlarged metropolitan area created by the merger of HCMC with neighboring industrial and logistics hubs Binh Duong and Ba Ria-Vung Tau. The expansion has eased longstanding constraints on land availability and connectivity while strengthening links between innovation centers, manufacturing bases and deep-water ports.

Despite the strong performance, maintaining double-digit GRDP growth in the second half of the year remains challenging. Integrating administrative procedures, land management systems and planning frameworks across the merged jurisdictions has added complexity, while public investment disbursement reached only about one-third of the annual target.

City authorities plan to focus on streamlining the two-tier local government model and removing remaining land-related legal hurdles. Officials also aim to promote green and circular economic development and place science and technology at the center of future growth as the expanded metropolis seeks to reinforce its role as the country’s economic engine.

Source: The Saigon Times