HCM City: State budget revenue from real estate soars in Q1 2021

ABO/NDO – Ho Chi Minh City reported strong growth in state budget revenue from real estate in Q1 2021, collecting an estimated VND3.351 trillion (US$145.65 million), up 66.5% over the same period last year.
This data is consistent with market movements as HCM City’s property market is showing signs of vibrancy once again, according to the municipal Statistical Office.
The opening quarter saw recovery signs of HCM City’s economic activity as industrial production, exports and investment grew quite well. As a result, local budget collection also recorded positive growth figures.
The city’s total state budget balancing revenue reached more than VND104 trillion (US$4.52 billion), meeting 29.2% of the yearly estimate and representing a year-on-year increase of 15.4%.

Ho Chi Minh City's state budget revenue from real estate rises 66.5% year-on-year in the first quarter of 2021. (Illustrative photo).

Regarding domestic collection, revenue from production & business activities rose sharply compared to Q1 2020. Specifically, revenue from the non-state sector hit approximately VND23.47 trillion (US$1.02 billion), meeting 34.7% of the estimate, accounting for 22.6% of the total and surging by 34.5% year-on-year.
Meanwhile, state budget collection from the foreign-invested sector stood at over VND19 trillion (US$825.9 million), equivalent to 29.8% of the estimate and 18.3% of the total, and up 11.3% from the same period last year.
HCM City’s total state budget balance revenue is estimated to reach VND364.893 trillion (US$15.86 billion) in 2021, down 10.1% compared to the 2020 estimate.

(Source: NDO)