HCM City's record-breaking budget revenue level in 2025 reflected the city's strong economic growth and efforts to resolve administrative bottlenecks.

 

According to the city's Department of Finance, total state budget revenue collected in 2025 reached VNĐ800.04 trillion ($32.66 billion), the highest level ever recorded.

 

This figure exceeded the central government’s estimate by 19.1 per cent and surpassed the target approved by the City People’s Council by 14.7 per cent.

 

With that revenue, the city once again led the nation in budget contributions in 2025, playing a decisive role in balancing the national budget and supporting macroeconomic management.

 

For 2025, the Prime Minister assigned the city a budget revenue target of VNĐ671.6 trillion ($27.4 billion), a figure that was adjusted to reflect the administrative consolidation of HCM City with neighbouring provinces.

 

Despite the pressures associated with restructuring its administrative apparatus and implementing the two-tier local government model from July 1, budget collection throughout the year remained strong.

 

Key revenue streams such as corporate income tax and value-added tax posted solid growth, reflecting the gradual recovery of business activity.

 

Notably, the city’s tax authority completed its annual domestic revenue target for the first time ever after just 10 months, while tax revenue in the final six months of the year rose by more than 30 per cent year-on-year.

 

Overall, domestic revenue excluding crude oil reached VNĐ574.3 trillion ($23.4 billion), equivalent to 126.8 per cent of the central target and 120.8 per cent of the city’s own estimate, with an additional VNĐ8.33 trillion ($340 million) still to be recorded for budget settlement.

 

The strong budget performance in 2025 closely mirrored the city’s economic rebound.

 

Gross Regional Domestic Product (GRDP) expanded by 8.03 per cent, with the economy valued at approximately VNĐ3.03 quadrillion ($123.7 billion), accounting for 23.5 per cent of national GDP. Average per capita income rose to $8,944, around 1.7 times the national average.

 

Foreign direct investment also remained robust.

 

By the end of 2025, total registered FDI, including new projects, capital adjustments and equity contributions, reached nearly $8.37 billion, up 24.2 per cent year-on-year.

 

Another key driver was the acceleration in resolving long-standing stalled projects.

 

By early December 2025, the city had addressed 670 out of 838 delayed projects, unlocking more than VNĐ804 trillion ($32.8 billion) in investment capital across roughly 16,200 hectares of land.

 

Speaking at a year-end budget conference, city leaders described the 2025 revenue outcome as a notable achievement amid global and domestic uncertainties.

 

Towards a quadrillion-dong milestone

 

Looking ahead, HCM City has been assigned a 2026 budget revenue target of VNĐ804.8 trillion ($32.85 billion), accounting for nearly 32 per cent of the national total.

 

At a conference reviewing tax performance and rolling out tasks for 2026 in early January, city tax leaders said the city is striving to become the first locality nationwide to record a state budget revenue of VNĐ1 quadrillion during the 2026–2030 period.

 

Officials said the VNĐ1 quadrillion milestone would reflect not only the expanding scale of the local economy but also improvements in tax administration, digital transformation and the broadening of the revenue base, particularly in emerging areas such as the digital economy, e-commerce and platform-based business models.

 

Achieving the target will require continued reforms in tax management, stronger compliance and risk-based supervision, as well as closer coordination to unlock stalled projects and expand sustainable revenue sources. — VNS

 

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