The economic picture in the first eight months of 2025, whether viewed from the overall economy or from a local perspective, is very positive. Major economic centers have recorded extremely impressive growth in the period, the Ministry of Finance stated in its recent report on the socio-economic situation, sent to the Government.
Notably, all 34 localities reported increases in their Index of Industrial Production (IIP) for the eight months compared to the same period last year. Among them, Phu Tho increased the most, with 26.22%; followed by Ninh Binh (22.8%), Hue (18.7%), Nghe An (16.4%), and Quang Ninh (15.6%).
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To promote growth and achieve the challenging goal of high growth in 2025, Ho Chi Minh City is focusing on accelerating the disbursement of public investment. |
Each locality has envisioned a clear economic development direction to break through in the first eight months of 2025. For instance, Hanoi’s estimated GRDP growth rate reached 7.8%, focusing on developing a green economy and digital economy; and Hai Phong stood out with a strong IIP growth of 10.2% and an investment capital disbursement rate of nearly 70%.
To promote growth and achieve the challenging goal of high growth in 2025, Ho Chi Minh City is focusing on accelerating the disbursement of public investment. According to Chairman of the municipal People’s Committee Nguyen Van Dut, the disbursement of public investment in the city is not sustainable, and this will affect the city’s growth rate. In fact, in the first six months, the city’s disbursement rate reached 43%, but after two more months, by the end of August, the rate only increased slightly to 43.3%.
It’s not just about public investment disbursement; many factors influence the city’s GRDP growth. Currently, this economic locomotive still makes a significant contribution to growth. However, according to Nguyen Dinh Cung, a senior economist, although the merged Ho Chi Minh City has an economic strength far exceeding other localities and remains one of the most important parts of the national economy, the city’s GRDP growth in recent years has consistently been lower than the national average and is showing signs of slowing down.
Similarly, according to Cung, since 2024, Hanoi’s GRDP growth has always been higher than the national average, but it has not truly made a breakthrough.
One of the issues affecting the GRDP growth rate of these two localities, according to the economist, may stem from problems related to the mobilization and allocation of investment capital for economic sectors and investment efficiency.
From this perspective, it can be seen that both economic locomotives, Hanoi and Ho Chi Minh City, have consistently been among the localities with the highest growth rates nationwide. However, clearly, higher expectations can be placed on localities with strong spillover effects and leadership capabilities over other localities, such as Phu Tho, Bac Ninh, and Quang Ninh.
Source: VNA