Ho Chi Minh City looks to transform itself into a major regional service hub, with the construction of at least one logistics center set to commence this year as part of its ambitious industrial and trade development plan.

The plan was unveiled at a conference on Tuesday where city leaders reviewed the southern metropolis’ industrial and trade performance in 2024 and announced 2025 development goals.

Nguyen Van Dung, vice-chairman of the municipal People’s Committee, revealed at the event that the city achieved an economic growth rate of 7.17 percent in 2024.

Its budget revenues reached VND508 trillion (US$19.9 billion), improving 13 percent year on year and five percent above projections.

These figures highlighted the city’s strong recovery momentum, mostly driven by the industrial and trade sector.

Despite these achievements, the official acknowledged the sector’s ongoing challenges, such as fluctuating transportation costs and currency exchange rates.

He urged efforts to implement key projects in 2025, such as establishing the city as a national and regional service hub, building an international exhibition and convention center, promoting rooftop solar energy in administrative offices, and commencing the construction of at least one logistics center.

The city will also focus on streamlining its administrative systems, accelerating digital transformation, and removing barriers to its socio-economic growth this year.

Bui Ta Hoang Vu, director of the municipal Department of Industry and Trade, highlighted the city's strong performance in 2024, with industrial production expanding 7.3 percent and retail sales increasing 10.6 percent year on year.

More than VND666 trillion ($26.2 billion) in loans was disbursed to nearly 200,000 businesses through the city’s bank-enterprise connection program, while many other initiatives helped boost consumer spending and provided high-quality products at competitive prices, Vu said.

For 2025, the city aims to increase the industrial production index by nine percent compared to 2024, boost retail sales by 13.5 percent, and achieve a minimum 10-percent growth rate in export turnover through nationwide border gates.

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