The HCM City People’s Committee Chairman Nguyễn Văn Được speaks at a conference on January 6 on the city’s socio-economic results in 2025 and development goals for 2026. — VNA/VNS Photos

HCM CITY — HCM City has set a target of more than 10 per cent economic growth in 2026, seeking double-digit expansion in line with central government requirements, city leaders said at a conference on Tuesday.

The conference reviewed the city’s socio-economic performance in 2025 and outlined key tasks for 2026.

The ambitious goal is based on expectations of improving global conditions and the early impact of the amended Resolution No. 98, which provides special mechanisms and policies for the city.

Speaking at the conference, municipal People’s Committee Chairman Nguyễn Văn Được said the proposed growth rate of 10-11 per cent would be extremely challenging and require strong determination across the entire political system.

“To ensure sustainable growth and make a greater contribution to national development, the city must exert stronger efforts and maintain stable growth momentum,” he said.

The year 2026 must be a launchpad for the 2025–30 period, focusing on streamlined administration, better governance, institutional and infrastructure breakthroughs, digital transformation, and improved services for residents and businesses, he said.

Nguyễn Khắc Hoàng, head of the city’s Statistics Office, said under normal conditions the city’s economic growth in 2026 is forecast at around 8.5–9 per cent.

However, setting a higher target is intended to create strong momentum for sustainable development throughout the 2026–30 period.

“To achieve double-digit growth, all sectors must post strong performance,” Hoàng said.

Agriculture is expected to grow by over three per cent, industry and construction by 10–11 per cent, and services by around 11 per cent.

Total social investment is projected to reach about VNĐ880 trillion (US$36 billion), while public investment disbursement is required to reach 100 per cent.

Credit growth is expected to exceed 15 per cent, and State budget revenue expected to rise by around eight per cent.

City leaders stressed that while the amended Resolution No. 98 offers greater room for growth acceleration, its effectiveness will depend on decisive and consistent implementation.

Maintaining the growth momentum seen in the final quarter of 2025 and avoiding the low-growth pattern often observed in the first half of previous years was identified as a key priority.

In 2026, the city will focus on improving organisational quality, removing institutional bottlenecks, accelerating infrastructure development and enhancing the effectiveness of public services.

It has set 26 targets at the municipal level and 30 at the ward level, alongside 10 key tasks.

Major economic objectives include GRDP growth of over 10 per cent, per capita GRDP of $9,800, the digital economy accounting for 30 per cent of GRDP, and social spending on research and development making up 2-3 per cent of GRDP.

Urban development and environmental targets include increasing traffic land to 16 per cent of urban construction land, raising urban wastewater collection to 50 per cent, building 28,500 social housing units and relocating 1,900 houses along canals and rivers.

The city also aims to collect more than VNĐ805 trillion ($32.9 billion) in State budget revenue, disburse over 95 per cent of allocated public investment capital and attract about $11 billion in foreign direct investment.

The HCM City People’s Committee Chairman Nguyễn Văn Được speaks at a conference on January 6 on the city’s socio-economic results in 2025 and development goals for 2026. — VNA/VNS Photos

Last year, the city had navigated a complex mix of challenges and opportunities during a year of particular significance, as it entered the initial phase of operating under a newly restructured “mega-city” model and hosted several major political and historical events.

Despite difficulties, investor confidence improved, urban infrastructure continued to be upgraded and living standards remained broadly stable, helping maintain social order and a safe environment for residents and visitors.

The city recorded encouraging results, with GRDP growing by 7.53 per cent. Per capita GRDP reached $8,755, total retail sales and consumer service revenue rose by 15.5 per cent, and tourism revenue surged by 36.1 per cent to VNĐ260 trillion ($10.6 billion).

However, city leaders also acknowledged persistent bottlenecks, particularly in public investment disbursement, which, despite improvement, has yet to meet expectations, mainly due to slow site clearance.

Environmental pollution, traffic congestion and flooding remain ongoing challenges. — VNS