Delegates discussed the city’s socio-economic performance in the first nine months of 2026 and key priorities for the final three months at the ninth expanded conference of the HCMC Party Committee on September 22.

HCMC People’s Committee Vice Chairman Truong Minh Huy Vu said the city’s economy had recorded several bright spots in the first nine months, with cumulative growth estimated at 7.5-7.6%, the highest in three years.

Vu said the growth structure was shifting positively towards manufacturing, high-tech industries and services. Foreign direct investment (FDI) had exceeded the city’s target by September, reaching more than $12 billion, mainly in manufacturing, high technology, logistics, services and e-commerce.

However, under the city’s double-digit growth scenario, third-quarter growth needed to exceed 11%. Actual growth of about 9% fell short of that target, putting greater pressure on the fourth quarter.

Calculations by the HCMC Institute for Development Studies and the Department of Finance show that the city needs growth of more than 13.5% in the fourth quarter to achieve double-digit growth for the full year.

“We are concentrating resources on the fourth quarter, but to succeed, growth during the quarter will have to be very high, at around 10-15%,” Vu said.

He cited HCMC’s fourth-quarter growth in recent years, noting that it is typically the city’s strongest quarter. Growth reached 9.3% in 2022, 9.62% in 2023, 9.92% in 2024 and 9.3% in 2025. The year 2021 was an exception because of the Covid-19 pandemic.

Vu outlined five priority measures for the fourth quarter: accelerating public and private investment, particularly FDI; stimulating consumer spending during the year-end and Tet holiday periods; developing tourism; expanding logistics infrastructure linked to regional connectivity; and prioritising high-tech industries.

According to consultants’ calculations cited by Vu, every $38,000 in tourism revenue generates about $23,900 in spillover value for other sectors. Logistics infrastructure has a spillover multiplier of 1.2, while high-tech industries have a multiplier of about 0.62.

“Making up the growth shortfall in the fourth quarter will be a major challenge while investment, consumption and exports remain constrained,” Vu said. “However, this is the time for macro-level levers to create an acceleration in fourth-quarter growth.”

According to a HCMC People’s Committee report submitted to the municipal Party Committee, state budget revenue reached about $25.4 billion in the first nine months, equivalent to 83.5% of the target assigned by the central government.

Public investment disbursement is expected to reach about $3.92 billion by the end of September, or 70% of the annual plan.

Of 921 projects and works reviewed by the city, obstacles involving 233 have been resolved, while solutions have been identified for the remaining 688.

For the final three months of the year, HCMC is targeting full-year economic growth of 10.2%, seeking to mobilise more than $45.5 billion for development investment and collect more than $38 billion in state budget revenue.

The city plans to generate additional revenue from land, remove obstacles facing businesses and accelerate procedures so approved FDI projects can begin operations sooner.

HCMC is also targeting 100% disbursement of its 2026 public investment plan. Measures include tightening discipline, holding agency heads accountable for disbursement results, resolving obstacles involving compensation, resettlement and site clearance, clearing long-delayed projects and accelerating strategic infrastructure works.

Phuoc Sang