City earns nearly VND 8 trillion per year from real estate market.

According to the report of the Ho Chi Minh City People’s Committee to the Ministry of Construction, total budget collection from the city’s real estate sector had swung from 3- 6 percent and hit its peak at nearly 8 percent in 2007, in which the real estate market was overheated, over the total budget revenue.

Illustrative photo:SGGP

Illustrative photo:SGGP

At present, the city's budget collection reaches nearly VND 8,000 billion per year from real estate sector.

The People’s Committee of Ho Chi Minh City also reported that if the Gross Domestic Product (GDP) of construction and real estate sectors reached about VND 22,670 billion in 2006, this number increased around VND 88,000 billion in 2015, accounting for 9.2 percent in the economic structure.

Accordingly, the collection from real estate sector highly contributed to the city’s budget revenue. The total revenues from real estate sector in the period of 2006 – 2015 reached more than VND 100 trillion. 

Currently, there are 29 large-scale housing projects with the total investment capital of nearly VND 158 trillion citywide.

 

BY MINH HUY – Translated by Huyen Huong

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