Ho Chi Minh City is located in a special geographical position, converging many favorable conditions for the economic development. Since olden time, the City has been a key strategic area of the South, a dense and prosperous trade center of exchange with foreigners.

 

Area: 2,095 km²

Administrative structure: The city now comprises 18 districts, 5 suburban districts, and Thu Duc City

Population: 9.389,72 thousand ( update data 2022)

	2023
1. GRDP growth rate (%)	5,81
·Agriculture-Forestry-Fisheries (%)	1,53
·Industry and Construction (%)	4,42
·Services (%)	6,79
2. Index of Industrial Production (IIP) %	4,3
3. Exports (Billion US$)	43,48
·Export growth rate (%)	-8,64
4. Imports (Billion US$)	56,73
·Import growth rate (%)	-9,81
5. Foreign investment (million US$)	5,85
6. State revenue (billion VN$)	448.826
7. State expenditure (billion VN$)	88.175

 

HCMC Overview

*Economy Overview

 Ho Chi Minh City's economy is diverse and dynamic, with many strengths and opportunities for growth. The city's key industries, including services, manufacturing, agriculture, and tourism, contribute to its economic development and provide employment opportunities for many people.The city is home to many international corporations and has a thriving entrepreneurial ecosystem. Some of the key industries include textiles, electronics, pharmaceuticals, and food processing. In addition, the city is also a major tourism destination, with a rich history, vibrant culture, and modern amenities.

In 2021 and 2022, Ho Chi Minh City's GDP grew by 1.39%, despite the COVID-19 pandemic's negative impact on the global economy. While this growth rate was lower than the 7.8% growth rate in 2019, it was still a positive sign given the challenging circumstances. The service sector was the main driver of growth, accounting for 4.17 percentage points of the city's GDP growth, while the agricultural and industrial sectors saw declines in growth rates.

+The service sector accounted for 63.5% of the city's GDP in 2022, followed by industry (30.5%) and agriculture (6%)

(Source: Ho Chi Minh City Statistical Office)

+The city has over 320,000 registered businesses, of which 98% are small and medium-sized enterprises (SMEs)

Here are some additional specific data points related to the key industries in Ho Chi Minh City:

+Services: The top three service sub-sectors in Ho Chi Minh City are finance, insurance, and real estate (FIRE); trade and repair of motor vehicles; and wholesale and retail trade. In 2022, the FIRE sector accounted for 25.7% of the city's GDP, followed by trade and repair of motor vehicles (15.4%) and wholesale and retail trade (14.6%) .

+Manufacturing: Ho Chi Minh City is the largest manufacturing center in Vietnam, with a focus on electronics, textiles and garments, and food processing. In 2022, the manufacturing sector contributed 30.5% to the city's GDP .

+Agriculture: While agriculture only accounts for a small portion of Ho Chi Minh City's economy, the city is still a major producer of certain crops such as ornamental plants and flowers, vegetables, and fruits. In 2022, the agricultural sector contributed 6% to the city's GDP .

* Trading partners

Another important aspect of Ho Chi Minh City's economy is its international trade. The city has a strategic location near major shipping routes and is well connected to global markets. As a result, Ho Chi Minh City is a major trading hub in the region, with a high volume of imports and exports. The city's main trading partners include China, the United States, Japan, and South Korea. The city's seaport and airport are key gateways for trade and commerce, facilitating the movement of goods and services.

The city's top export products include electronics, textiles, and footwear

(Source: Ho Chi Minh City Department of Industry and Trade)

 

*Foreign direct investment ( FDI)

Ho Chi Minh City attracted over 8 billion USD in foreign direct investment (FDI) in 2022, accounting for more than 40% of Vietnam's total FDI (Source: Ho Chi Minh City Department of Planning and Investment).

(Source: Ho Chi Minh City Department of Planning and Investment) .

 

*Tourism industry

Ho Chi Minh City is a popular tourist destination in Vietnam, with attractions such as the War Remnants Museum, the Cu Chi Tunnels, and the Notre-Dame Cathedral Basilica of Saigon. In 2022, the city welcomed over 2.4 million international visitors and 20 million domestic visitors. These numbers show the relative contributions of different industries to Ho Chi Minh City's economy and the key strengths of the city in terms of its manufacturing, services, and tourism sectors.

Ho Chi Minh City welcomed over 4.4 million international visitors in 2022, generating over 6 billion USD in tourism revenue

(Source: Ho Chi Minh City Department of Tourism)