Business

HCM City experiences pressure from budget collection

Although completing the majority of its economic targets for 2018, Ho Chi Minh City is still burdened with heavy pressure from its budget collection, said Nguyen Thanh Phong, Chairman of the municipal People’s Committee at a meeting on November 1.
HCM City experiences pressure from budget collection ảnh 1A view of Ho Chi Minh City (Photo: VNA)

HCM City (VNA) – Althoughcompleting the majority of its economic targets for 2018, Ho Chi Minh City isstill burdened with heavy pressure from its budget collection, said NguyenThanh Phong, Chairman of the municipal People’s Committee at a meeting onNovember 1.

Phong said that if the city fails to recordan economic growth of 8.3 percent for the whole year, it will have to struggleto fulfil its goal of collecting 376.78 trillion VND (16.2 billion USD) towardsits budget by the year’s end.

Director of the city’s Department ofPlanning and Investment Su Ngoc Anh said that in the first 10 months of 2018, thecity’s total retail and services revenue was estimated at 860.35 trillion VND(36.99 billion USD), up 12.9 percent year-on-year.

Meanwhile, total exports of the city hit31.3 billion USD, up 7.1 percent over the same period last year, while itsimports were 38.3 billion USD. Total foreign tourists visiting the city reached6.1 million, a surge of 20.2 percent.

Anh noted that in the first 10 months of2018, HCM City collected over 306.38 trillion VND, equivalent to 81.32 percentof the estimate and representing a rise of 9.89 percent year-on-year.

As many as 35,585 new firms were set up inthe period with a total registered capital of nearly 450 trillion VND, anincrease of 5.2 percent and 95.4 percent, respectively.

Director of the city’s Department ofIndustry and Trade Pham Thanh Kien reported that trade and business in the cityhas remained stable over the given period.

Phong said that for the rest of the year, municipalagencies should keep a close eye on budget expense and collection, avoidinglosses in revenue and tax payments, while also boosting production to completethe target set for budget collection.

He asked the Department of Industry andTrade to promote trade and business to supply goods for the Lunar New Yearholiday, as well as hold a meeting between retailers and production firms tofoster their connections.

The Department of Tourism was requested to diversifyits products and seek measures to optimise waterway tourism.

Phong also stressed the need to revoke landused for wrongful purposes of auctioning, as well as deal with stagnant projectsto create more land stock. –VNA  
VNA
#Ho Chi Minh City #Nguyen Thanh Phong #Lunar New Year holiday #budget collection #Ho Chi Minh City economic growth #Vietnam #Vietnam news #Vietnam News Agency Ho Chi Minh City
Follow VietnamPlus

Related News

See more

A refilling station of Petrolimex (Photo: VNA)

Import tariffs on certain fuel products reduced to 0%

Rising tensions in the Middle East, particularly the conflict involving the US, Israel and Iran, have significantly affected the global energy market, especially shipping activity through the Strait of Hormuz – a strategic route for transporting crude oil from the region.

Fishermen raise the national flag before heading out to the sea to affirm Vietnam’s sovereignty over its seas and islands. (Photo: VNA)

Dong Thap promotes IUU awareness from start of fishing season

Gia Thuan commune, located in the eastern part of the province, is a key fishing locality with 563 fishing vessels, including 423 offshore boats and 140 nearshore vessels, producing an average annual catch of over 42,970 tonnes of seafood.

Industrial production surges in the first two months of 2026. (Photo: VNA)

Industrial production posts strong growth in first two months

According to the National Statistics Office (NSO) under the Ministry of Finance, the index of industrial production (IIP) in February was estimated to decrease 18.4% from the previous month but increase 1% year on year. Overall, in the January–February period, the IIP rose 10.4% compared with the same period last year.

A delegation from the Nghe An provincial People’s Committee inspects production and business activities at the VSIP Nghe An Industrial, Urban and Service Park. (Photo:nhandan.vn)

Nghe An steps up reforms to attract FDI

In 2025, the provincial People’s Committee licensed 25 new FDI projects and approved capital adjustments for 20 others, bringing the total newly registered and additional investment to more than 1 billion USD. Many large-scale projects in the Southeast Nghe An Economic Zone have already become operational, contributing to export growth, state budget revenues and job creation.

Nearly 35,500 enterprises are newly registered nationwide, with total registered capital reaching nearly 313.7 trillion VND and more than 167,500 registered workers. (Photo: VNA)

Nearly 35,500 new businesses set up in first two months

The enterprises registered combined capital of about 313.7 trillion VND and more than 167,500 employees. Compared with the same period last year, the number of new businesses surged by 70.7%, while registered capital rose by 36.1% and registered labour increased by 19.1%.

The yarn factory of Unitex Textile and Dyeing Company Limited applies new technology to optimise operations using an automated model. (Photo: VNA)

Resolution 68: International lessons for private sector development

A common feature in many successful economies is a fundamental shift in the perception of private enterprises. In countries such as Singapore, Germany, Republic of Korea (RoK) and China, private firms are viewed not mainly as entities requiring strict control but as development partners and key forces generating growth, jobs and innovation.