Ho Chi Minh City's Economic Ambitions

Ho Chi Minh City has set an ambitious target for a per capita income of $7,850 this year, which is a significant 57% higher than the national GDP target of over $5,000. This figure represents the total value of goods and services produced per person in the city over the year.

Comparative Economic Standing

In 2024, the city's average income was $7,600, or more than VND197 million, placing it second among the six centrally-governed cities, just behind Hai Phong. However, when it comes to the cost of living, Ho Chi Minh City ranks third nationally, following Hanoi and Quang Ninh, according to the 2024 spatial cost of living index (SCOLI).

Understanding SCOLI

The SCOLI, conducted by the General Statistics Office, highlights the price variations of goods and services across different regions. Interestingly, Ho Chi Minh City's SCOLI was 99.8% of Hanoi's, with certain items like clothing, food services, and entertainment being cheaper, while housing, education, and healthcare costs were higher.

Additional Economic Targets

Beyond the per capita income goal, Ho Chi Minh City is also targeting revenues of VND520 trillion, a public spending disbursement rate of 95%, and exports worth $52.6 billion, showcasing its comprehensive approach to economic growth.