HCMC’s State budget collection meets target ahead of schedule

Ho Chi Minh City’s State budget collection has reached its target ahead of schedule, surpassing VND392.7 trillion (US$17 billion) in the first ten months of this year, up 1.6 percent from the estimate and 22.3 percent year-on-year, reported the municipal Statistics Office.
HCMC’s State budget collection meets target ahead of schedule ảnh 1 Illustrative image (Photo: VNA)
The city had been assigned to collect over VND386.5 trillion in State budget revenue, up 5.9 percent from the 2021 estimate, including more than VND270 trillion in domestic revenue, including crude oil, and VND116.5 trillion in import-export revenue.

During the ten months, domestic revenue collection was estimated at over VND254 trillion, or 97.9 percent of the estimate, marking an annual rise of 19.3 percent.

Of the figure, over 27 trillion VND was from State-owned enterprises, or 3 percent higher than the estimate, while more than VND68.9 trillion was from the non-State sector and VND60 trillion from foreign-invested sector, up 10.3 percent and 10.6 percent from the estimates, respectively.

As of late October, revenue from crude oil more than doubled year-on-year to over VND23.9 trillion, up 128.2 percent from the estimate thanks to a surge in prices.

Budget collection from import-export activities rose 19.3 percent annually to over VND114.7 trillion, or 98.5 percent of the estimate.

However, budget collection from localities was slow, reaching only 56.3 percent of the estimate to over VND94.9 trillion, marking an annual increase of 21.7 percent.

Meanwhile, total local spending was about 51.8 percent of the estimate, at VND51.66 trillion, down 20.9 percent year-on-year. Slow disbursement of public investment was one of the main causes.

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