Ho Chi Minh City targets double-digit growth through consumer stimulus

During a National Assembly discussion on socio-economic development plans for 2026 and 2027, Vietnamese leaders addressed strategies for sustained economic growth and inflation management.

Tran Luu Quang, Secretary of the Ho Chi Minh City Party Committee, highlighted the city's ambitious goal of achieving double-digit growth. He noted that because Ho Chi Minh City accounts for approximately 23.4% of the national GDP, its performance significantly impacts the entire country. To stimulate the economy, he proposed encouraging businesses to provide year-end bonuses earlier, in November or December, to boost consumer spending. He also emphasized promoting modern payment methods, such as e-wallets and ‘buy now, pay later’ services, alongside large-scale cultural and entertainment programs to drive the service sector.

On a national level, National Assembly Chairman Tran Thanh Man and other officials noted a positive 9.01% GDP growth for the first nine months of the year. However, leaders cautioned against prioritizing growth at any cost. Standing Party Secretary Tran Cam Tu emphasized the necessity of controlling inflation below 4.5% to protect citizens' livelihoods and called for better regulation of essential commodity prices, including electricity and construction materials, to prevent rising costs from hindering public investment.