Hanoi real estate sector contributes $3.3 billion to state budget in H1
Large-cap Hanoi real estate developers such as Vingroup and Nam Thang Long Urban Area Development paid the most fees and taxes to the state budget between January and June.
THE HANOI TIMES — The Hanoi People’s Committee has reported that Hanoi's real estate sector contributed more than VND86.7 trillion (US$3.3 billion) to the city's budget in the first half of 2025, six times higher than the same period last year.
The computer-generated images of the Vinhomes Dan Phuong urban area in Hanoi. Photo courtesy of the company.
Land use fees accounted for the largest portion, reaching around VND74 trillion (US$2.8 billion), which is 75% of the total revenue from the sector.
This figure marks a year-on-year increase of over 600%, primarily driven by payments from several large-scale property developments.
Vingroup paid over VND12 trillion (US$460 million) in land use fees for its 133-hectare Vinhomes Dan Phuong project, which is estimated to cost VND18.4 trillion (US$706 million) in total.
Around West Lake, Nam Thang Long Urban Area Development Co. Ltd. paid nearly VND13.6 trillion (US$521 million) for the Nam Thang Long–Ciputra urban area project.
In northern Hanoi, Smart City Development Investment JSC, a joint venture between BRG Group and the Japan-based Sumitomo Group, paid nearly VND10 trillion (US$383 million) for a smart city project in the Dong Anh, Phuc Thinh, and Thien Loc communes.
CTX Holdings, officially known as the Vietnam Construction and Trade Investment Corporation, paid nearly VND5 trillion (US$191.5 million) for a shopping center and apartment complex in Plot A1-2 of the Cau Giay New Urban Area. The site, located next to the IPH complex, is expected to host a Sun Group project.
In addition to land use fees, land and water surface lease payments brought an additional VND12 trillion (US$460 million) to the city’s budget, surpassing the annual target by 87% and marking a 342% increase year-on-year. This surge was mainly due to lump-sum lease payments from several major projects.
The Vietnam Exhibition and Fair Center JSC (VEFAC) paid more than VND5.4 trillion (US$207 million); the Smart City Development Investment JSC contributed over VND3.2 trillion (US$122.5 million); and Vingroup added over VND350 billion (US$13.4 million).
Overall, Hanoi collected nearly VND393 trillion ($15 billion) in state budget revenue during the first six months of 2025, marking a 52% year-on-year increase.
