Downtown District 1, Ho Chi Minh City, February 2023. Photo by VnExpress/Quynh Tran
Ho Chi Minh City targets increasing its per capita income by 3.7% in 2025 to VND204.3 million, equivalent to over US$7,850 at current exchange rates.
It is 57% higher than the government’s national GDP target of over $5,000 this year.
It reflects the value of goods and services produced by the economy per person during a particular year.
In 2024 the city’s average income was $7,600, or more than VND197 million, ranking it second among the six centrally-governed cities behind Hai Phong.
It ranked third in the country in terms of the cost of living, following Hanoi and Quang Ninh in the spatial cost of living index (SCOLI) ranking for 2024.
The SCOLI, done by the General Statistics Office, reflects the price differences between goods and services in various localities.
HCMC’s SCOLI was 99.8% of Hanoi’s. Some goods in the city, such as clothing, food services, culture, entertainment, tourism, transportation, and household appliances, were priced lower than in Hanoi.
But housing, education and healthcare were more expensive.
Besides the per capita income target, HCMC also eyes revenues of VND520 trillion, public spending disbursement rate of 95%, exports of $52.6 billion.
