As of December 31, 2024, the total revenue generated from land in the city reached over VND25.3 trillion up 46.8 percent or over VND8.062 trillion compared to 2023.
Of the total, revenue derived from land use fees constituted VND9.654 trillion, representing an increase of VND3.792 trillion (64.7 percent) from 2023.
Additionally, revenue from land rentals and water surface rentals reached VND5.957 trillion marking an increase of VND866 billion (17 percent).
In terms of revenue from real estate transactions, the figure for the past year was VND9.692 trillion up over VND3.4 trillion (54 percent) over 2023.
Revenue from property registration fees amounted to VND2.408 trillion, up 50.3 percent.
In addition, revenue from personal income tax related to real estate exceeded VND7.284 trillion, up 55.4 percent compared to the previous year.
According to data from the HCMC Real Estate Association (HoREA), the city’s real estate market recorded a growth rate of around 9 percent in 2024.
Recently, HCMC authorities significantly raised land prices, with residential land in central districts now valued at over VND687 million (US$27,000) per square metre, while prices in the outskirts have risen to VND2.3 million per square metre, reflecting increases ranging from four to thirty-eight times.
These new rates, which are effective until the end of 2025, will be utilised to determine land compensation, taxes, and administrative fees, with the aim of enhancing State tax revenue.
City authorities said they will be ensuring transparency and fairness in land pricing and compensation, to prevent tax evasion and delays in real estate development.
Its total state budget revenue was estimated at a historic milestone VND508.5 trillion ($19.96 billion) in 2024, or 105.3 percent of the yearly target and a 13.3 percent increase from 2023.
The city has become the first city in Vietnam to exceed VND500 trillion ($19.6 billion) in budget revenue.
It has set a target this year of VND520 trillion worth of total budget revenue, up 7.71 percent from 2024.
