HCMC targets US$ 17.5 billion in budget collection

Ho Chi Minh City was assigned to collect VND 405.83 trillion (US$ 17.5 billion) for the state budget in 2020, a rise of 1.68 percent compared to last year’s estimates, said Chairman of the municipal People’s Committee Nguyen Thanh Phong.
(Photo: SGGP)
(Photo: SGGP)

Phong revealed the information at a conference on state budget collection and spending in 2019 held on December 31.

Of the figure, domestic collection and budget revenue from crude oil are projected to stand at nearly VND 290.83 trillion, up 0.17 percent while import-export activities may contribute VND 115 trillion, an increase of 5.7 percent.

In 2019, the city’s total state budget collection was estimated at VND 409.92 trillion (US$ 17.7 billion), exceeding its estimates by 2.7 percent and representing a year-on-year rise of 8.29 percent.

Its gross regional domestic product (GRDP) exceeded VND 1.34 quadrillion, up 8.32 percent year-on-year.

Vice Director of the municipal Department of Finance Le Ngoc Thuy Trang said 2019 was the first year that the HCM City’s budget collection has surpassed VND 400 trillion benchmark.

Meanwhile, the city spent more than VND 70.93 trillion in the year, or 79.81 percent of its estimate.