HCMC – HCMC is aiming for nearly VND1 quadrillion in budget revenue this year, following strong revenue growth at the start of the year.
According to the city’s Department of Finance, state budget revenue in January reached about VND105.1 trillion, equivalent to roughly 13% of the full-year estimate and more than 10% higher than in the same period last year.
Tax relief measures introduced in recent years continue to support investment and business activity, helping expand the city’s revenue base. As a result, several key taxes met or exceeded the average monthly targets set by the HCMC People’s Council.
Corporate income tax revenue was estimated at VND42.3 trillion, accounting for 30.2% of the annual plan. Value-added tax brought in VND16.5 trillion, or 11.3%, while special consumption tax reached VND4.2 trillion, equivalent to 10.9%. Revenue from dividends, profit sharing, lottery activities, fees, and charges also posted double-digit growth year-on-year.
In contrast, land-related revenues, including land-use fees and land rentals, remained below target, reflecting cautious conditions in the real estate market early in the year.
For 2026, the central Government assigned HCMC an initial state budget revenue target of VND804.8 trillion, the highest ever for the city. Following record revenue of VND800 trillion in 2025, the city adjusted its 2026 revenue estimate to VND807.5 trillion under a decision issued on January 1.
The revised figure represents nearly 30% of Vietnam’s total state budget revenue target for 2026. Of this, domestic revenue is projected at VND591.4 trillion, crude oil revenue at VND39.5 trillion, and import-export revenue at VND176.5 trillion.
Speaking at a socio-economic meeting on February 4, HCMC Chairman Nguyen Van Duoc said the city is striving to raise budget revenue by about 20% this year, creating room for double-digit economic growth and pushing total collections close to VND1 quadrillion.
City leaders described the target as challenging but achievable if reforms are implemented decisively from the beginning of the year. Relevant departments, particularly finance, tax, and customs agencies, have been instructed to develop detailed revenue collection plans.
Accelerating investment project approvals and implementation is a key priority. Authorities aim to speed up land clearance, environmental assessments, capital disbursement, and land allocation to generate early land-related revenues and enable businesses to enter production sooner, creating more sustainable tax sources.
The city also plans to fully utilize special policy mechanisms under recent National Assembly resolutions, including those supporting urban railway development in HCMC. These mechanisms are expected to significantly shorten administrative procedures, helping remove long-standing bottlenecks in major projects.
Nguyen Toan Thang, director of the Department of Agriculture and Environment, said his department is working closely with the Department of Finance to accelerate land price determination for investment projects. The city has been assigned a land-related revenue target of about VND62 trillion in 2026 and aims to complete most of this by the third quarter.
To support this effort, authorities have identified 61 projects requiring land price determination this year. In January alone, land-related revenue reached VND6.6 trillion, accounting for about 6.3% of the city’s total budget revenue.
