Budget collection in HCM City drops 16 percent hinh anh 1Illustrative image (Photo: VNA)

HCM City (VNA) – Even though the COVID-19 pandemic has been put  under control in Vietnam, its negative impacts were still felt in many fields, including budget collection in Ho Chi Minh City.

Total budget collection in the city in the first five months of this year stood at 139.37 trillion VND (5.97 billion USD), equivalent to 34.3 percent of the estimate and down 16 percent from the same period last year.

Domestic revenues dropped 13.6 percent to 92.3 trillion VND (33.1 percent of the estimate), and revenues from crude oil decreased by 38.9 percent year on year to over 5.95 trillion VND (48.8 percent of estimate). Revenues from import-export activities went down 16.6 percent to 41.1 trillion VND (35.7 percent of estimates).

Contributions by the State sector accounted for 9.6 percent of domestic revenues, down 13.5 percent. The non-State sector contributed 23.5 trillion VND to the State budget, down 24.5 percent, and the FDI sector 25.85 trillion VND, down 5.4 percent.

Meanwhile, the city’s spending surged by 11.7 percent to 22.6 trillion VND in the period, as the city implemented policies to support businesses and the population overcome the difficulties caused by the pandemic.

The city’s tax authority reported that around 255,000 firms or 97.35 percent of the total have benefited from delayed payment of tax and land rent. In addition, 43,000 business households and small traders have also been allowed to postpone tax payment./.