HCMC – Land use fee revenue in HCMC had plunged in the year to October as the difficulties faced by the real estate market have continued to bite.
Nguyen Tien Dung, vice head of the HCMC Tax Department, said the department collected a total of VND271 trillion in taxes and fees from January to October. This amount represents 83.8% of the annual state budget estimate and 93.9% of the revenue collected during the same period last year.
Several revenue streams this year have contracted. For example, land use fee collections in HCMC reached VND4,644 billion in the first 10 months, making up only 36.16% of this year’s estimate and less than 40% of last year’s revenue. Registration fee collections generated VND4,704 billion, equivalent to 70.2% of last year’s total.
Dung said the global economic downturn, the Russia-Ukraine military conflict and global geopolitical uncertainties have left negative impact on the Vietnamese economy over the past year.
The difficult business conditions, including the stagnant real estate market, have resulted in the city’s budget revenue declining, he added.
