The city’s Gross Regional Domestic Product (GRDP) was estimated at VND760.9 trillion (about US$30 billion). Excluding crude oil, the growth rate stood at 8.58%.

Despite headwinds from global trade volatility, rising logistics costs and energy prices, the result underscores the city’s resilience and provides a solid base for faster expansion in the remaining quarters of 2026.

The services sector remained the main growth driver, expanding 8.9% and accounting for 51.9% of GRDP while contributing 56% to overall growth.

Among the nine key service industries, trade activity rose 8.9%, making up 12.5% of GRDP and contributing 13.3% to growth, reflecting sustained domestic demand. However, the pace lagged behind the broader services sector, suggesting a gradual slowdown in consumption recovery and signs of saturation.

Authorities expect future growth in trade to depend largely on the effectiveness of expanded consumer stimulus programmes.

Meanwhile, transport and logistics emerged as the fastest-growing segment, rising 12.2% and contributing 13.8% to GRDP growth, supported by increased investment in public transport infrastructure and the rapid expansion of e-commerce.

Accounting for just 9.5% of GRDP, the logistics sector is playing an increasingly important role in enhancing efficiency and supporting broader service sector growth.

Financial services grew 8.3%, contributing 6.4% to overall expansion, as credit demand showed signs of improvement and banks continued to roll out support measures for businesses and households. However, credit growth in the city remained below the national average, indicating lingering bottlenecks in capital absorption.

The real estate sector continued to face challenges, growing 5.2% and contributing only about 2.1% to overall growth, limiting spillover effects on construction.

Accommodation and food services rose 5.7%, contributing around 1.1%, a relatively modest increase despite a series of cultural and tourism events, partly due to a high base effect from the same period last year.

Elsewhere, budget revenues maintained a positive trajectory, particularly from production and business activities. Product taxes net of subsidies increased 7.9%, reflecting stronger goods and service output and helping reinforce the city’s fiscal position.

HCM City posts over 8% growth in Q1, double-digit target seen as achievable

VOV.VN - Ho Chi Minh City recorded economic growth of more than 8% in the first quarter of 2026, maintaining strong momentum despite global uncertainties, with officials expressing confidence that the city’s full-year double-digit growth target remains achievable.