HCM City to meet yearly budget revenue targets

HCM City (VNS/VNA) – Ho Chi Minh City is likely to meet the year’s target for budget revenue of 365 trillion VND (15.86 billion USD) assigned by the central government, a city official said at a recent online Government meeting.

Vo Van Hoan, Vice Chairman of the city People’s Committee, said in the first two months, on average the city collected 2.9 trillion VND each day, which was higher than the average daily revenue.

In January, the city collected 40 trillion VND, up 2.9 percent year-on-year, he added.

To date it has collected 74,500 billion VND, accounting for more than 20 percent of the year’s target, up 10.5 percent year-on-year.

The Tax Department aims to collect at least 25 percent of the yearly budget revenue target in the first quarter.

The city’s retail sales of goods and services increased by 4.7 percent, while industrial production went up 6 percent in the first two months.

The city’s exports reached 8 billion USD, a rise of 25 percent year-on-year (three major exports with increased revenues are fertilisers, plastic materials and auto spare parts). 

More than 3,800 enterprises resumed operation in the first two months (up 3 percent year-on-year). Some 700 enterprises completed dissolution procedures in the period (down 14.5 percent year-on-year).

However, the service sector, especially tourism and accommodations, which accounts for more than 60 percent of the city’s total budget revenue, has been hit hardest.

Tourism revenues decreased by 70 percent with accommodation services dropping by 14 percent. The outbreak has caused a significant decline in international visitors to the country, according to Hoan.

For pandemic prevention, the city has contained the infection hotspot at Tan Son Nhat international airport with 36 cases recorded since the end of January. The city has gone 20 days without any locally transmitted infections, he said.

Some non-essential services have gradually reopened. Students returned to school on March 1.

The city has ordered individuals and organisations to continue to strictly implement precautions against the virus. “The city is always ready for the worst pandemic scenario,” he said.
Regarding tasks for 2021, the city will continue to complete its dual goal of economic development and protection against the pandemic, according to Hoan.

It plans to develop more solutions to support enterprises and residents affected by the COVID-19 pandemic as part of its effort to revive business activities.

The city will also promote domestic tourism and strengthen linkages with other provinces. 

It will continue to promote e-commerce, online businesses, non-cash payments for a digital economy, start-up creation and technological innovation, and commercialisation of research products./.