HCM City has asked the Government for a bonus of 10 trillion VND (450 million USD) for exceeding its tax revenue target last year (Source: thesaigontimes.vn)
HCM City (VNA) – HCM City has asked the Government for a bonus of 10 trillion VND (450 million USD) for exceeding its tax revenue target last year.

The target was 234 trillion VND (10.5 billion USD) and the city achieved 255 trillion VND (11.4 billion USD).

The target for this year is set at 298 trillion VND (13.4 billion USD).

“HCM City will achieve the target though it is 9 percent higher than last year’s collection,” Politburo member and city Party Secretary Dinh La Thang told Vietnam News Agency.

“To achieve stronger growth, HCM City will need a special mechanism with more powers vis-a-vis finance and human resources. [Then], human resources and production capability will significantly improve and help the city grow in double digits.”

The city is collaborating with central agencies and leading experts to create a comprehensive mechanism to improve the business environment.

People’s Committee Chairman Nguyen Thanh Phong said economic growth in the first five months has been strong and would ensure the Government’s goals are achieved.

“The Government should give back to the city a part of the import and export tax revenues for 10 years and allow the city to collect taxes from certain industries,” he said.

Le Thanh Van, a member of the National Assembly’s Finance and Budget Committee, said: “HCM City has already sent many petitions related to the special mechanism. Some can be approved but others do not comply with current laws.

“HCM City should submit a comprehensive mechanism to the Politburo and National Assembly to consider and approve.”

Tran Du Lich, a member of the National Monetary policy Consultancy Council, said, “HCM City is asking for a normal mechanism like other cities around the world: more independence and more responsibility for its activities.

“We should not treat HCM City like other provinces around the country. The city must be treated like other developed cities in the neighbourhood.”

Nguyen Duc Hai, Chairman of the Finance and Budget Committee, said, “We support the city’s requirement but we need to find a sustainable and proper mechanism.”-VNA