It has a Human Development Index of 0.795 (high), ranking second among all municipalities and provinces of Vietnam. The city generates around a quarter of the country's total GDP, and is home to many multinational companies. Ho Chi Minh City is a major centre for finance, media, technology, education, and transportation. It is known for its well-preserved French colonial architecture, vibrant street life, its varied cultural institutions, which include historic landmarks, walking streets, museums and galleries which attracts over 8 million international visitors each year. Beginning in the 1990s, the city underwent rapid modernisation and expansion, contributing to Vietnam's post-war economic recovery. The communist government renamed Saigon in honour of Hồ Chí Minh shortly after the fall of Saigon.
Following the partition of French Indochina, it became the capital of South Vietnam until the fall of Saigon in 1975. Saigon was the capital of French Indochina from 1887 to 1902, and again from 1945 until its cessation in 1954. Situated in the Southeast region of Vietnam, the city surrounds the Saigon River and covers about 2,061 km 2 (796 sq mi). Ho Chi Minh City (abbreviated HCMC), formerly and still commonly known as Saigon, is the most populous city in Vietnam, with a population of around 9.3 million in 2023.
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