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HCM City’s land-related revenue surges 50% in 2024

Land-related revenue in Ho Chi Minh City has surged nearly 50% year-on-year, surpassing 25.3 trillion VND (nearly 1 billion USD) in 2024, according to data from its Department of Natural Resources and Environment.

New real estate projects in HCM City. (Photo: VNA)
New real estate projects in HCM City. (Photo: VNA)

HCM City (VNS/VNA) - Land-related revenue in Ho Chi Minh City has surged nearly 50% year-on-year, surpassing 25.3 trillion VND (nearly 1 billion USD) in 2024, according to data from its Department of Natural Resources and Environment.

As of December 31, 2024, the total revenue generated from land in the city reached over 25.3 trillion VND, up 46.8% or over 8.062 trillion VND compared to 2023.

Of the total, revenue derived from land use fees constituted 9.654 trillion VND, representing an increase of 3.792 trillion VND (64.7%) from 2023.

Additionally, revenue from land rentals and water surface rentals reached 5.957 trillion VND, marking an increase of 866 billion VND (17%).

In terms of revenue from real estate transactions, the figure for the past year was 9.692 trillion VND, up over 3.4 trillion VND (54%) over 2023.

Revenue from property registration fees amounted to 2.408 trillion VND, up 50.3%.

In addition, revenue from personal income tax related to real estate exceeded 7.284 trillion VND, up 55.4% compared to the previous year.

According to data from the HCM City Real Estate Association (HoREA), the city’s real estate market recorded a growth rate of around 9% in 2024.

Recently, HCM City authorities significantly raised land prices, with residential land in central districts now valued at over 687 million VND (27,000 USD) per square metre, while prices in the outskirts have risen to 2.3 million VND 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 508.5 trillion VND (19.96 billion USD) in 2024, or 105.3% of the yearly target and a 13.3% increase from 2023.

The city has become the first city in Vietnam to exceed 500 trillion VND (19.6 billion USD) in budget revenue.

It has set a target this year of 520 trillion VND worth of total budget revenue, up 7.71% from 2024./.

VNA
#Ho Chi Minh City #Land-related revenue #real estate #Vietnam Ho Chi Minh City
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