HCMC TARGETS VND1 QUADRILLION IN BUDGET REVENUE IN 2026

A bank teller is seen working behind stacks of Vietnamese banknotes - PHOTO: LE VU

HCMC – HCMC is aiming to collect VND1 quadrillion in budget revenue this year while accelerating administrative reforms, infrastructure investment, foreign direct investment inflows, and growth drivers from consumption, tourism, industry, and trade.

The HCMC People’s Committee has issued a directive urging departments and local authorities to swiftly roll out key measures and urgent solutions aimed at supporting the city’s double digit economic growth target for 2026.

Under the directive, departments, agencies, and local authorities are required to synchronously deploy major measures to stimulate economic growth, improve governance efficiency, and maximize development resources.

HCMC has set a target of obtaining VND1 quadrillion in budget revenue in 2026, including more than VND500 trillion by the end of the second quarter.

At the same time, the city plans to implement breakthrough measures to create significant progress in socioeconomic development.

To achieve the target, the city will prioritize completing procedures and conditions for launching major infrastructure projects, including the Thu Thiem-Long Thanh railway line, the Can Gio-Vung Tau sea crossing bridge and tunnel project, the Cat Lai-Phu Huu port connector route, Thu Thiem 4 Bridge, along with social housing, urban renewal, and science and technology infrastructure projects.

HCMC will continue accelerating administrative reforms by reviewing procedures related to production and business activities, aiming to cut processing times and compliance costs by 50% compared with 2024 levels, while eliminating all unnecessary business conditions.

HCMC’s economy recorded encouraging growth in the first four months of the year, with trade and services continuing to lead the expansion.

Total retail sales and consumer service revenue during the January to April period were estimated at VND639.3 trillion, marking a 13.2% increase from a year earlier.

Growth was seen across retail, accommodation and catering, travel, and other service segments, underscoring the role of domestic consumption as a major pillar of the city’s economic growth.

Tourism remained a bright spot in the city’s economy. Tourism revenue in the first four months reached VND172 trillion, equivalent to 52.1% of the full-year target, supporting growth in services, consumption, and employment.

Meanwhile, trade activities continued to expand. Export value in the January to April period had totaled US$30.91 billion, up 4.25% year-on-year, while imports rose 8.06% to US$33.99 billion.

HCMC’s industrial production index rose 11.2% in the four-month period, led by a 11.9% increase in the manufacturing and processing sector, which continued to serve as the city’s main growth driver.

Registered foreign direct investment during the January to April period reached nearly US$3.3 billion, fulfilling 30.2% of the annual target and surging 127.1% from the same period in 2025.

State budget revenue in the first four months was estimated at more than VND325.7 trillion, equivalent to 40.5% of the target assigned by the central Government and up 17.9% year-on-year.

Source: The Saigon Times