However, to reach the 1 million billion VND mark in 2026, the city not only needs to accelerate, but also must change its approach, from revenue to nurturing and expanding revenue sources in a sustainable way.
Looking at the groups of solutions being implemented, it can be seen that the direction is correct, but the problem lies in the level of decisiveness and synchronization.
First of all, administrative procedure reform must be substantial.
The information "15 days and nights" of rapid reduction of business conditions just announced by the Ministry of Justice is a positive signal, but what businesses need is stability and transparency. Ho Chi Minh City drastically reforms administrative procedures, creating maximum conditions for businesses to operate, which is the foundation for creating long-term revenue.
Because, a favorable investment environment not only helps businesses "breat easily", but also directly increases revenue from value-added tax, corporate income tax and personal income tax.
Creating space for people to get rich makes the country strong.
Another factor, digital transformation in tax management needs to be considered a key lever. Connected data, controlling risky areas such as transfer pricing, related party transactions or business on digital platforms will be more effective, limiting revenue loss.
However, digitalization is not only for "tightening", but also for "opening". A transparent and accessible system will encourage self-awareness, reduce social costs and increase revenue.
Second, land and public assets are still "gold mines" that have not been fully exploited.
Reality shows that many projects are slow to fulfill financial obligations, many public land areas are abandoned or used inefficiently. If Ho Chi Minh City accelerates auctions, thoroughly handles backlogs and transparentizes procedures, revenue from land can increase sharply without creating additional burdens for people and businesses.
Third, new revenue sources need to be awakened. Social housing, resettlement apartments, night economy or e-commerce are not only social security policies or consumption trends, but also budget revenue sources if well managed. Promulgating reasonable rental and lease-purchase prices not only helps recover state capital, but also creates a reinvestment cycle, an important factor to expand long-term resources.
Another strength, with a service structure accounting for more than 60%, the city has a great advantage in fields such as finance, logistics, tourism and digital economy. If these fields are exploited effectively, it will contribute to increasing revenue.
The target of 1 million billion VND is not too far away for Ho Chi Minh City.
