Ho Chi Minh City achieves record state revenue of over VND500 trillion in 2024

View of the meeting

This result driven by robust growth in import-export turnover and a revival in key service sectors.

Speaking at the meeting of the Ho Chi Minh City Party Committee on December 4, Party Secretary Nguyen Van Nen announced that the city had essentially met its key socio-economic goals for the year. Notably, annual budget revenue exceeded VND 500 trillion, marking a 12% increase compared to 2023 and accounting for 27% of the national budget revenue.

According to Nguyen Nam Binh, Director of the Ho Chi Minh City Tax Department, the city experienced significant Gross Regional Domestic Product (GRDP) growth in 2024, particularly in retail services, industry, and the real estate market, which showed signs of recovery.

Import-Export Tax Division - Ho Chi Minh City Customs Department. Photo: T.H

The implementation of new land pricing regulations, combined with streamlined property transaction processes by the Department of Natural Resources and Environment, boosted activity in the real estate sector, resulting in a 50-100% increase in revenue from this field.

These achievements set the stage for continued economic recovery in 2025. Ho Chi Minh City aims for comprehensive growth in production, business, and socio-economic activities, targeting a 9% GRDP increase in Q1 and 9-11% growth in subsequent quarters.

In terms of import-export, Director of Ho Chi Minh City Customs Nguyen Hoang Tuan highlighted the remarkable growth in import-export turnover in 2024. This success stems from the city’s long-term efforts to simplify administrative procedures, address enterprise concerns, and attract investment.

Besides that, high-value goods with significant tax contributions—such as steel, machinery, equipment, tools, and spare parts—also played a significant role in driving budget revenue, particularly during the year’s final months.

By November 30, the city’s import-export turnover reached US$119 billion, a 9.5% increase compared to the same period in 2023. Exports achieved US$56.5 billion, a growth of 19.3%, while imports reached US$62.6 billion, an increase of 9.63%.