HCM CITY — HCM City attracted more than US$9.8 billion in foreign investment in the first seven months of 2026, up 44.45 per cent from a year earlier, as the city seeks to sustain double-digit economic growth amid a high number of businesses leaving the market.

The figure was reported at a meeting on Wednesday to review the city's socio-economic performance in July and the first seven months, and set out tasks for the remaining months.

Of the FDI attracted, 467 science and technology projects accounted for more than $557.7 million in registered capital, according to the municipal People's Committee.

HCM City has set a target of attracting and exceeding $11 billion in FDI this year.

The city plans to continue improving the investment and business environment and address bottlenecks related to land, planning, site clearance, construction materials and investment procedures.

It will also support businesses in accessing credit and expanding markets, while promoting private-sector development, innovation, digital transformation and green growth.

Nguyễn Văn Được, chairman of the municipal People's Committee, asked the Department of Finance and relevant agencies to provide a more detailed assessment of factors constraining economic growth and propose specific measures for the remaining months of the year.

Double-digit growth

HCM City has set a target of double-digit economic growth for 2026.

Được said the city needed to achieve growth of at least 11 per cent in the third quarter and 11.8 per cent in the fourth quarter to meet its target.

He also raised concerns about imports continuing to exceed exports and called for solutions to improve the city's trade balance.

HCM City's exports reached about $57.8 billion in the first seven months, up 8.8 per cent year on year, while imports rose 11.6 per cent to US$63.5 billion.

Public investment remains another priority for the city.

HCM City was allocated nearly VNĐ147.6 trillion in public investment capital for 2026, equivalent to the amount assigned by the Prime Minister.

By the end of July, about VNĐ63.8 trillion had been disbursed, equivalent to 43.2 per cent of the annual plan.

Được said public and private investment needed to be mobilised more effectively to support economic growth and called for faster implementation of major projects.

During the first seven months, the city developed about 10.39 million square metres of residential floor space and issued 24,049 construction permits, up 45 per cent, covering a total floor area of 17.27 million square metres, up 296 per cent.

The city also continued to accelerate compensation and site clearance for major projects.

Retail sales of goods and services reached more than VNĐ1.1 quadrillion in the first seven months, up 13.3 per cent year on year, while tourism revenue exceeded VNĐ237.4 trillion, up 55.3 per cent.

Industrial production also maintained strong growth, with the industrial production index rising 10.7 per cent and manufacturing and processing output increasing 11.2 per cent.

State budget revenue reached VNĐ575.5 trillion, up 20.7 per cent.

Total capital mobilised by credit institutions stood at VNĐ5.7 quadrillion, up 16.1 per cent, while credit outstanding reached more than VNĐ5.6 quadrillion, up 18.4 per cent.

Businesses leave market

Despite the positive economic indicators, the city recorded a large number of businesses leaving the market.

In the first seven months, 34,096 businesses were newly established, up 22.81 per cent year on year. However, 7,483 businesses completed dissolution procedures, up 158.7 per cent, while 31,321 suspended operations, up 10.5 per cent.

Another 12,221 businesses resumed operations, down 2.9 per cent.

Được asked relevant agencies to clarify the reasons behind the number of businesses leaving the market and assess the ratio between newly established and exiting businesses. — VNS