All the tips on taxis overcharging so far are based on tourist experience. You need to know that there are licensed and "private" cabs. Licensed cabs have company names printed prominently and the last 6 numbers (company tel no) are always in a pattern. Eg (08) 8 383838. Even these licensed cabbies bring you for a long ride at times. The biggest culprits are "private" unlicensed cabs - they have small stickers (some camouflage themselves so well that they look like the licensed cabs), no patterns in their tel no, and meters that have been tweaked to go at double the rate.
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At Least Do This: The AIRPORT : The new HCMC airport opened in Aug 2007. It's much nicer and less intimidating than the old one. No longer will you be able to move out to hail the cheaper taxis. Instead, the various taxi companies post their own "guides" who will try to get you on to their cabs at the highest price. So you have to bargain around and see which will give you the best price. Determine the price before you board so that you are not brought on a long ride.
GENERALLY : I always take Taxi Vinasun because they maintain a very professional standard and I have never been ripped off by a Taxi Vinasun. And there are many white-&-green Taxi Vinasun cabs around. Next is the yellow Vinataxi - also quite reliable. The blue Savico-Comfort ripped me off twice in a row and Saigon Tourist once.
Please refer to the following site for more details on taxis in HCMC and on how to distinguish between the real and imitation cabs!!!
http://his3site.com/page3.html
Alternative: You can always hire a car with driver (from one of the travel companies in Pham Ngu Lao) for about 800,000-1 mil VND to bring you around for a whole day (8 hrs). I did that when I had a big group of 7-8. Convenient and value for money.
The adventurous will rent a motorbike but I've yet to try - not that adventurous.
You can get on the local illegal motor bikes alias "xe om" or "Honda om" (about 10,000-15,000VND for short distances within town) - well, it depends on your bargaining skills but always determine price first. And you ride at your own risk! But with the new compulsory helmut law coming in Dec 07, I doubt if I'll be taking any more of these xe oms - God knows how many hundred people would have used the helmuts these xe oms provide.