HCMC – HCMC aimed to collect over VND23.8 trillion in land-related revenues through auctions and project fees this year but is expected to achieve just 30.3% of its 2024 target, according to official data.
The shortfall stems from delays in project implementation, attributed to legal and procedural obstacles, the city’s tax department reported. These challenges have hampered the approval and execution of real estate projects.
Le Hoang Chau, chairman of the HCMC Real Estate Association, noted that over 100 housing and commercial real estate projects in the city are facing legal bottlenecks. From January to November, no land was allocated or construction permits issued for social housing projects, while only two commercial housing projects received permits, according to the city’s Construction Department.
The revenue shortfall highlights key roadblocks in the project timeline, including investment approvals, land allocation, and valuation processes.
Despite these setbacks, HCMC’s overall budget revenue is expected to exceed VND500 trillion, surpassing the annual target by 4%.
However, revenue from the special consumption tax has fallen short, reaching only 94.5% of its target. This decline is attributed to reduced beer and alcohol consumption, officials said.
