HCMC – HCMC’s tax authority aims to collect VND800 trillion in domestic revenue in 2026, a record target that is 27.6% above the Government’s estimate and 29% higher than last year’s collection.
The target is part of the city’s goal of generating VND1 quadrillion in total budget revenue this year.
According to Giang Van Hien, deputy head of the HCMC Tax Department, the Government assigned the city a budget revenue target of VND627 trillion at the start of 2026, including VND587.5 trillion in domestic revenue excluding crude oil and VND39.5 trillion from crude oil.
Under a directive issued by the city government to support double-digit economic growth this year, the tax authority was assigned a higher domestic revenue target of VND800 trillion.
Revenue collection in the first five months of the year reached an estimated VND327.1 trillion, equal to 52.2% of the Government’s target and 40.9% of the city’s annual goal, according to the tax authority. The figure was nearly 25% higher than a year earlier.
Domestic revenue excluding crude oil totaled more than VND305.3 trillion, up 26.3% year-on-year. Revenue from crude oil rose 8.4% to VND21.8 trillion.
The production and business sector remained the largest source of revenue, contributing nearly VND199 trillion, up 36.7% from the same period last year.
Revenue from land-use fees and land rentals reached VND22.4 trillion in the first five months, an increase of 64%.
The tax authority noted that economic recovery continued in HCMC despite challenges facing businesses. It also warned of risks that could affect revenue collection in the remaining months of the year.
The challenges come amid geopolitical tensions that have affected energy markets, logistics, and global supply chains. Shipping costs have risen two to three times, while prices of fuel, steel, and chemicals have increased by 30% to 70%, raising costs for businesses, according to the tax authority.
To meet its revenue target, the department plans to expand digital transformation and use big data to strengthen oversight of electronic invoices, prevent tax fraud, and curb transfer pricing. It also aims to improve tax declaration management and debt collection.
