On February 4, Chairman of the Ho Chi Minh City People's Committee, Nguyen Van Duoc, chaired a meeting to review the city’s socio-economic performance in January and outline key tasks for February 2026.

According to Acting Director of the city’s Department of Finance, Hoang Vu Thanh, total retail sales of goods and consumer service revenue in January reached approximately USD 7.3 billion, up 16.4% year-on-year.

This growth was driven by a combination of promotional campaigns, recovering domestic consumption, and a stable macroeconomic environment.

The industrial sector posted even more impressive results. The Index of Industrial Production (IIP) rose 29.6% compared to the same month in 2025. The processing and manufacturing sector led the way, growing 34.5%.

Particularly noteworthy was the city’s foreign trade performance. Export turnover in January hit USD 8.1 billion, reflecting the city's success in capitalizing on international trade agreements and preferential tariffs.

Officials attributed these gains to persistent efforts by the business community and the effective implementation of pro-growth policies.

Early signs of recovery in 2026 suggest a resilient and adaptive industrial base, even amid global economic uncertainty.

For the city’s three traditional industries, the production index in January rose 31.6% year-on-year. Specifically, leather goods manufacturing jumped 39.6%, garment production increased 27.5%, and textile output climbed 21.5%.

Public investment and fiscal performance off to a solid start

As part of the 2026 Public Investment Plan, the city has allocated and assigned capital to agencies, departments, and project owners, totaling $5.2 billion (including 5% savings) - or 87.5% of the funding level set by the Prime Minister.

As of February 2, $426 million in public investment had been disbursed - equal to 7.2% of the capital plan.

State budget revenue in January was estimated at $4.2 billion, fulfilling 13.1% of the annual target assigned by the central government.

Local budget expenditures amounted to USD 686 million, or 5.6% of the target approved by the city’s People’s Council.

Speaking at the meeting, Chairman Nguyen Van Duoc emphasized that achieving double-digit growth is a demanding task that requires determination across all levels of the political system.

“If there’s no collective resolve and action from the entire system, it will be hard to meet our targets. But the city has the necessary conditions and fundamentals. That’s why the People’s Committee has already delegated specific tasks to relevant departments and agencies,” he said.

Quoc Ngoc