Crude oil, real estate drive HCM City’s budget collection

Illustrative image (Photo: VNA) 

Hanoi (VNA) – Surging crude oil prices and earnings from real estate have pushed up Ho Chi Minh City’s state budget collection by nearly 15 percent in the first two months of 2022, as compared with the corresponding time last year.

The municipal Statistics Office reported that the southern economic hub collected some 88.04 trillion VND (3.85 billion USD) in January and February, completing 22.8 percent of the estimate for the whole year.

The city’s domestic collection reached 66.32 trillion VND, meeting 25.6 percent of the estimate and up 17.2 percent year-on-year.

Of the amount, State-owned enterprises contributed around 6.17 trillion VND, 23.5 percent of the estimate and up 28 percent year-on-year. Meanwhile, 18.01 trillion VND came from private firms, 26.8 percent of the estimate and a drop of 6.7 percent. The FDI sector contributed 14.43 trillion VND, 26.8 percent of the estimate and down 7.9 percent.

Notably, the city earned 3.21 trillion VND from crude oil in the months, a year-on-year rise of 77.7 percent; and exports and imports amounted to 18.5 trillion VND, up 1.4 percent.

Local budget revenue stood at 27.28 trillion VND, 16.2 percent of the estimate and up 79.2 percent from the same period last year.

Meanwhile, HCM City’s budget spending decreased 39.6 percent to 5.78 trillion VND, or 5.8 percent of the estimate.

The office explained that the city has yet to roll out a plan on budget allocation for development investments in 2022, leading to a drop in budget spending.

It suggested authorities quickly speed up the implementation of the capital allocation plan to push ahead with the disbursement of public investments./.

VNA