HCM City’s State budget collection up 2.9 percent in January hinh anh 1HCM City’s State budget collection up 2.9 percent in January - Illustrative image (Photo: VNA)

HCM City (VNA) - State budget collections in Ho Chi Minh City in January were estimated at 42.47 trillion VND (1.84 billion USD), 11.6 percent of the estimate and up 2.9 percent year-on-year, according to the municipal Statistics Office.

Domestic budget collections declined 3.5 percent year-on-year to 31.27 trillion VND, accounting for 73.6 percent of the total.
Revenue from crude oil totalled 800 billion VND, down 55.5 percent.

Notably, revenue from exports and imports surged 47.2 percent annually to 10.4 trillion VND. The increase is linked to good growth of the city’s import-export activities in the period, at 46.9 percent year on year.

State-owned enterprises contributed over 2.96 trillion VND to the State budget, making up 11 percent of domestic collections, up 4.3 percent year-on-year. Contributions from private enterprises fell 8.5 percent to over 9.8 trillion VND, while that from foreign-invested enterprises was over 9.4 trillion VND, down 3.1 percent.

Pham Thi Hong Ha, Director of the municipal Department of Finance, said that the finance sector will focus on measures to manage and increase revenues, and speed up equitization and divestment of State-owned enterprises in line with the approved plan.

Attention will be paid to removing difficulties facing enterprises and individuals affected by the COVID-19 pandemic to help them recover their production and business as soon as possible, towards increasing sustainable State budget revenue, she added.

According to Deputy Director of the municipal Tax Department Nguyen Nam Binh, the city’s tax sector set a target to collect at least 25 percent of the yearly budget collection estimate right in the first quarter of 2021./.