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Ho Chi Minh City’s State budget collection has reached its target ahead of schedule

Ho Chi Minh City’s State budget collection has reached its target ahead of schedule, surpassing 392.7 trillion VND (17 billion USD) in the first ten months of this year, up 1.6% from the estimate and 22.3% year-on-year, reported the municipal Statistics Office.


Source: Free Pics


The city had been assigned to collect over 386.5 trillion VND in State budget revenue, up 5.9% from the 2021 estimate, including more than 270 trillion VND in domestic revenue, including crude oil, and 116.5 trillion VND in import-export revenue.


During the ten months, domestic revenue collection was estimated at over 254 trillion VND, or 97.9% of the estimate, marking an annual rise of 19.3%.


Of the figure, over 27 trillion VND was from State-owned enterprises, or 3% higher than the estimate, while more than 68.9 trillion VND was from the non-State sector and 60 trillion VND from the foreign-invested sector, up 10.3% and 10.6% from the estimates, respectively.


As of late October, revenue from crude oil more than doubled year-on-year to over 23.9 trillion VND, up 128.2% from the estimate thanks to a surge in prices.


Budget collection from import-export activities rose 19.3% annually to over 114.7 trillion VND or 98.5% of the estimate.


However, budget collection from localities was slow, reaching only 56.3% of the estimate to over 94.9 trillion VND, marking an annual increase of 21.7%.


Meanwhile, total local spending was about 51.8% of the estimate, at 51.66 trillion VND, down 20.9% year-on-year. Slow disbursement of public investment was one of the main causes.


Source: VNA

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