HCM City’s State budget collection meets target ahead of schedule

Illustrative image (Photo: VNA)

HCM City (VNA) – Ho Chi Minh City’s State budget collection has reached its target ahead of schedule, surpassing 392.7 trillion VND (17 billion USD) in the first ten months of this year, up 1.6% from the estimate and 22.3% year-on-year, reported the municipal Statistics Office.

The city had been assigned to collect over 386.5 trillion VND in State budget revenue, up 5.9% from the 2021 estimate, including more than 270 trillion VND in domestic revenue, including crude oil, and 116.5 trillion VND in import-export revenue.

During the ten months, domestic revenue collection was estimated at over 254 trillion VND, or 97.9% of the estimate, marking an annual rise of 19.3%.

Of the figure, over 27 trillion VND was from State-owned enterprises, or 3% higher than the estimate, while more than 68.9 trillion VND was from the non-State sector and 60 trillion VND from foreign-invested sector, up 10.3% and 10.6% from the estimates, respectively.

As of late October, revenue from crude oil more than doubled year-on-year to over 23.9 trillion VND, up 128.2% from the estimate thanks to a surge in prices.

Budget collection from import-export activities rose 19.3% annually to over 114.7 trillion VND, or 98.5% of the estimate.

However, budget collection from localities was slow, reaching only 56.3% of the estimate to over 94.9 trillion VND, marking an annual increase of 21.7%.

Meanwhile, total local spending was about 51.8% of the estimate, at 51.66 trillion VND, down 20.9% year-on-year. Slow disbursement of public investment was one of the main causes./.