The figure represented 71.44 percent of the yearly estimates, according to the municipal People’s Committee.

Domestic revenues came to VND 174.43 trillion, up 12.97 percent on a yearly basis, while contribution from crude oil surpassed VND 17.84 trillion, up 46.53 percent. Meanwhile, contributions from import-export activities totaled VND 76.8 trillion, down 2.03 percent.

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A corner of Ho Chi Minh City. Photo for illustration

At the same time, the city’s budget expenditure in the period was estimated at almost VND 39.7 trillion, up 8.53 percent from the same period last year and accounting for 45.7 percent of estimates. Of the figure, VND 15 trillion was spent on development investment and VND 22.26 trillion was regular expenditure.

To meet the goal of State budget collection, HCM City has adopted policies to facilitate production and business activities while fighting tax frauds.

The city’s tax department aims to reduce total outstanding tax debt to under 4 percent of State budget collection as of December 31 this year.

In order to tighten control of public expenditure and enhance the efficiency of budget spending, the municipal People’s Committee has required relevant agencies to classify investment projects and define specific priorities for investment.

This year, the central government assigned HCM City to collect VND 376.78 trillion (more than USD 16.2 billion) for the State budget, or over VND 1.2 trillion a day.

Source: VNA