According to Vietnam News, Nguyen Văn Nên, secretary of the municipal Party’s Committee, stated at a recent meeting that the city will experience challenges in 2023 due to a global slowdown and lowered its growth target to 7.5-8% next year.
The city has set a goal of bringing in 4–5 million foreign visitors to earn five billion USD in revenue.
The city intends to maintain a 60% service-based economic structure with a labor growth of 7%. However, post-pandemic economic numbers look promising. The city’s gross regional domestic product (GRDP) increased by 9.03% in 2022.
Exports from the city were worth $49 billion USD, and imports were worth $66 billion USD, both up 10%.
Tourism grossed over five billion USD. Three and a half million foreign visitors visited the city this year, a fraction of neighboring countries with welcoming visa policies. For example, Thailand received over 10 million visitors in 2022, generating 16 billion USD in tourism revenue.
Fortunately, Vietnamese were buying more than 36 billion USD in sales of goods and services, an increase of 30 percent from the previous year.