HCM City Chairman Nguyen Van Duoc has called for a detailed assessment of why more than 38,800 businesses left the market in the first seven months of 2026, significantly exceeding the number of newly established companies.
Chairing a meeting on Aug. 12 to review Ho Chi Minh City’s socio-economic performance in the first seven months and set priorities for the remainder of 2026, Chairman of the municipal People’s Committee Nguyen Van Duoc said the city had maintained positive growth momentum, broadly in line with its economic scenario, with many indicators posting solid gains.
However, city leaders also acknowledged several areas of concern, particularly as HCMC pursues its target of double-digit economic growth.
An overview of HCMC’s meeting to review socio-economic performance in the first seven months of 2026. Photo: HCMC People’s Committee
During the first seven months, 34,096 new businesses were established in the city, up 22.81% year on year. In contrast, 7,483 businesses completed dissolution procedures, a surge of 158.66%, while another 31,321 temporarily suspended operations, up 10.51%.
Only 12,221 businesses resumed operations during the period, down 2.87% from a year earlier. Overall, more than 38,800 businesses exited the market in the first seven months.
“This is a sign that requires attention and one of the issues affecting our double-digit growth target,” Duoc said.
Under the city’s growth scenario, HCMC needs to achieve growth of around 11% in the third quarter, followed by approximately 11.8-12% in the fourth quarter.
Duoc acknowledged that these are highly ambitious targets at a time when more businesses are leaving the market than entering it, the city continues to run a trade deficit and public investment disbursement remains slow.
He therefore instructed relevant agencies to identify and analyze the bottlenecks affecting key growth drivers, particularly public and private investment, site clearance and newly launched projects.
Regarding the trade deficit, Duoc asked agencies responsible for planning, statistics, construction, natural resources and environment, and particularly customs authorities, to examine why imports continue to exceed exports.
HCMC sets priorities for remaining months of 2026
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HCMC’s imports continued to exceed exports during the first seven months of 2026. Photo: Nguyen Hue
At the meeting, the city also identified several key priorities for August and the remainder of the year.
First, HCMC will accelerate public investment disbursement, resolve outstanding project bottlenecks and concentrate resources on strategic infrastructure, transportation, science and technology, digital transformation, education, healthcare and the environment.
Second, the city plans to help businesses gain better access to credit and new markets while promoting private-sector development, innovation and the green transition.
Third, HCMC continues to target GRDP growth of more than 10%, state budget revenue of around VND1 quadrillion (US$38.5 billion), more than VND1.2 quadrillion (US$46.2 billion) in development investment and US$11 billion in foreign direct investment in 2026.
Broader economy still shows bright spots
Despite the concerns surrounding business closures, HCMC’s broader economic picture continued to show several positive indicators.
Foreign trade remained an important growth pillar. Exports reached US$57.84 billion in the first seven months, up 8.77% year on year, while imports rose 11.61% to US$63.48 billion.
The city’s Index of Industrial Production increased 10.7%, with manufacturing and processing continuing to lead the sector with growth of 11.2%, above the overall industrial growth rate.
The finance and banking sector remained stable, with total mobilized capital reaching VND5.694 quadrillion (about US$219 billion), up 16.07%, while outstanding credit climbed 18.42% to VND5.65 quadrillion (US$217.3 billion).
Foreign investment also recorded strong growth. HCMC attracted more than US$9.8 billion in FDI during the seven-month period, up 44.45% year on year. The science and technology sector alone attracted 467 projects with total registered capital exceeding US$557.7 million.
State budget revenue reached VND575.463 trillion (about US$22.1 billion), equivalent to 71.6% of the annual estimate and up 20.7% from the same period last year.
In infrastructure and urban development, HCMC is accelerating and breaking ground on a series of strategic projects with combined investment of around US$30 billion.
During the first seven months, approximately 10.39 million square meters of residential floor space was developed. The city issued 24,049 construction permits, up 45% year on year, covering a combined 17.27 million square meters of floor space, an increase of 296%.
Tourism also recorded robust growth, with revenue exceeding VND237 trillion (US$9.1 billion), up 55.3%. International arrivals reached 7.13 million, up 42.7%, while domestic travelers totaled 31.65 million, equivalent to 63.4% of the city’s full-year target.
Vietnamnet.vn
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