The 11th Ho Chi Minh City Party Executive Committee for the 2020-2025 tenure organized its 34th conference, chaired by Mr. Nguyen Van Nen, Secretary of the Ho Chi Minh City Party Committee on December 4 morning.
Participating in group discussions, Head of the Ho Chi Minh City Tax Department Nguyen Nam Binh disclosed that the city's tax revenue in 2024 is estimated to reach 101 percent of the year's target with VND502 trillion (US$19.7 billion) for the past 11 months.
In the last month of 2024, the Ho Chi Minh City Tax Department estimates that the city’s tax revenue will exceed the domestic revenue by 6 percent to 7 percent. Furthermore, if departments promptly consult on issuing a land price list for projects, the revenue could exceed the assigned target by 9 percent to 10 percent.
With these figures, Head of the Ho Chi Minh City Tax Department Nguyen Nam Binh assessed that 2024 is a year of the city’s good gross domestic product (GDP) growth, especially in retail services and industry, and notably, the real estate market showed signs of recovery.
After Ho Chi Minh City decided to apply a new land price list according to Decision 79 of the Ho Chi Minh City People's Committee and the Department of Natural Resources and Environment directed not to inspect the status of houses before transactions, real estate transactions have become active again, leading to a 50 percent to 100 percent increase in real estate revenue.
This is one of the unusual years that the Ho Chi Minh City Tax Department completed domestic revenue collection at the end of November, showing positive signs for recovery in all aspects of production and business activities as well as socio-economic activities in the city in 2025.
Thereby, the city's gross regional domestic product (GRDP) growth is expected to reach 9 percent in the first quarter of 2025, and from 9 percent to 11 percent in the following quarters, added Head of the Ho Chi Minh City Tax Department Nguyen Nam Binh.
