As one of the provinces slated for administrative restructuring, Ho Chi Minh City currently leads Vietnam with a gross regional domestic product (GRDP) nearing VND 1.78 quadrillion (approximately USD 70.3 billion) and an export value of nearly USD 47 billion in 2024 - the highest in the country.

According to the draft resolution by the National Assembly Standing Committee on administrative unit restructuring, 52 provincial-level administrative units across Vietnam are expected to be merged, including Ho Chi Minh City.

Despite occupying only 2,098 square kilometers - or just 0.6% of the country’s land area - Ho Chi Minh City remains Vietnam’s largest economic hub, significantly contributing to the national GDP.

Data from the General Statistics Office shows that in 2024, the city’s GRDP at current prices reached nearly VND 1.78 quadrillion (around USD 70.3 billion), maintaining its top position nationwide. This marks a near doubling from VND 919 trillion (USD 36.3 billion) in 2015, representing a 93.5% growth over the past decade.

Over the last ten years, Ho Chi Minh City’s GRDP has grown consistently, with the exception of 2021, when it dipped due to the COVID-19 pandemic. The city rebounded strongly the following year.

Shifting GRDP structure highlights service sector dominance

The composition of Ho Chi Minh City's GRDP has also evolved. In 2015, agriculture, forestry, and fisheries made up 0.73% of the city’s GRDP, but by 2023 this had declined to just 0.52%. Meanwhile, the industrial and construction sector fell from 25% to 21.99%.

In contrast, the service sector grew from 61.66% to 64.83%, while taxes on products minus subsidies increased slightly to 12.66%.

In terms of per capita GRDP, Ho Chi Minh City reached VND 170.6 million (about USD 6,730) in 2023, which is VND 67.7 million (USD 2,670) higher than the national average of VND 102.9 million (USD 4,060).

Between 2015 and 2023, the city’s per capita GRDP increased by an average of VND 6.7 million (USD 265) per year. Still, it ranks fourth nationwide, behind Ba Ria–Vung Tau, Quang Ninh, and Hai Phong.

Vietnam’s top exporter, even in volatile years

Ho Chi Minh City has consistently led the country in merchandise exports, despite occasional slowdowns.

In 2019, the city’s exports surpassed USD 42.5 billion, rising to a peak of USD 47.55 billion in 2022. In 2023, export value dipped to USD 42.46 billion but bounced back in 2024 to nearly USD 47 billion, reaffirming its position as Vietnam’s top exporting locality.

Leading destination for foreign direct investment

The city has also remained a top destination for foreign direct investment (FDI). While annual FDI inflows have fluctuated over the past decade - from USD 3.9 billion to USD 8.34 billion - Ho Chi Minh City has consistently attracted billions each year.

In 2023, the city drew nearly USD 5.99 billion in FDI, accounting for 16.3% of Vietnam’s total registered FDI, leading the nation in investment attraction.

Strong growth in state budget revenue

In terms of domestic budget revenue, Ho Chi Minh City recorded VND 302.4 trillion (USD 11.9 billion) in 2023 - an increase of 90% compared to VND 159.1 trillion (USD 6.3 billion) in 2015.

The city’s peak revenue during the 2015–2023 period was in 2022, with VND 308.6 trillion (USD 12.1 billion). In 2023, revenue slightly declined by VND 6.2 trillion (USD 243 million) to reach VND 302.4 trillion.

Tam An