Ho Chi Minh City aims to accelerate its development in 2025 to achieve the critical targets set by the Central Government, including a 10% growth rate in Gross Regional Domestic Product (GRDP), according to Mr. Phan Van Mai, Chairman of the municipal People's Committee.

However, he also acknowledged that with the city's current economic scale, achieving double-digit growth is a major challenge.

Mr. Mai stated that the city's GRDP is estimated to reach VND1.78 quadrillion (over $70 billion) by the end of 2024.

To achieve the 10% growth target in 2025, the city requires approximately VND620 trillion ($24.4 billion) in investment capital. Of this, about VND110 trillion ($4.3 billion) has been allocated from the State budget as public investment capital, leaving the city to mobilize over VND510 trillion (over $20 billion) from other sources.

Preliminary statistics indicate that capital from the local banking system can reach about VND370 trillion ($12.2 billion). This means the city needs to mobilize an additional VND140 trillion ($5.5 billion) from other sources such as Foreign Direct Investment (FDI) capital, remittances, and cooperation between the Ho Chi Minh City Finance Investment Company (HFIC) and commercial banks.

On January 6, HFIC signed agreements with nine commercial banks, including Vietcombank, VietinBank, BIDV, Agribank, VPBank, MB, ACB, Sacombank, and Saigonbank. This collaboration aims to enhance capital mobilization and promote investment in key economic and social infrastructure development projects in the city.