Director Nguyen Hoang Hai of the HCMC Department of Finance reported that the city had been assigned a revenue target of VND482.8 trillion (US$18.94 billion) for 2024.
As of late afternoon on December 29, collections had reached VND504.3 trillion ($19.79 billion). While final figures for December 30 and 31 were pending, estimated daily revenues of VND2-3 trillion ($118 million) suggested that the city would approach VND510 trillion ($20 billion) in total revenue by the close of accounts on December 31.
This outcome surpassed earlier projections from early December, primarily due to the HCMC Customs Department exceeding its import-export tax collection target of VND130.8 trillion ($5.13 billion), achieving 100.94 percent against an initial estimate of just 95 percent.
The total estimated budget expenditure for HCMC amounted to VND122.47 trillion ($4.8 billion), representing 81.66 percent of the budgeted figure. This encompassed VND63.41 trillion ($2.49 billion) for development investment and VND58 trillion ($2.28 billion) for recurrent expenditure.
HCMC has set an ambitious revenue target of VND520 trillion ($20.4 billion) for 2025, with a projected expenditure of VND172.8 trillion ($6.78 billion). This allocation includes significant funding for specific policies outlined in Resolution 98, such as initiatives in science and technology and the recruitment of exceptional talent.
Director Nguyen Hoang Hai attributed the positive results in part to the effectiveness of revenue enhancement policies, noting that tax exemptions and reductions in 2024 had provided over VND33 trillion ($1.29 billion) in support to enterprises. He also highlighted the positive feedback received from businesses regarding dialogues and engagement with tax and customs authorities.
Acknowledging the demanding targets set for the coming year, the Director affirmed the finance sector’s commitment to maximizing revenue and expenditure performance.
Vice Chairman Nguyen Van Dung of the HCMC People’s Committee expressed his gratitude to the business community, entrepreneurs, small family businesses, organisations, individuals, agencies, and leaders of all districts and Thu Duc City for their contributions to the city’s robust budget performance.
Looking ahead to 2025, the Vice Chairman acknowledged the interplay of opportunities and challenges, urging agencies to prioritise sectors with substantial growth potential, such as the digital economy, the sharing economy, the green economy, and the circular economy, and to develop targeted strategies for these areas. He also emphasized the importance of enhanced risk management through the application of information technology.
“It is particularly necessary to continue aiding businesses via meetings, practical guidance and support, as well as the prompt resolution of difficulties and impediments. Effective implementation of tax exemptions and reductions, coupled with efficient tax refund processes, will be crucial in nurturing local revenue streams.”
Vice Chairman Nguyen Van Dung
City leaders reiterated their commitment to engaging with the business community, pledging to address challenges and facilitate business growth to contribute to the overall development of HCMC and the nation.
During the event, 89 organisations were recognised with certificates of merit from the Chairman of the HCMC People’s Committee for their outstanding contributions to state budget revenue management and collection in 2024. This included 33 businesses that contributed over VND1 trillion and 26 businesses that contributed between VND500 billion and VND1 trillion ($19.6 million – 39.2 million) to the budget.
