Business

HCM City’s tax revenues fall well short of target

Ho Chi Minh City’s daily tax revenues have fallen by 31 percent in the first quarter of this year because of the COVID-19 pandemic, Chairman of the municipal People’s Committee Nguyen Thanh Phong has said.
HCM City’s tax revenues fall well short of target ảnh 1The COVID-19 pandemic has caused a 42.2 percent year-on-year decline in the number of international visitors coming to HCM City in the first quarter (Photo: VNA)

HCM City (VNA/VNS) – Ho Chi Minh City’s daily tax revenues have fallenby 31 percent in the first quarter of this year because of the COVID-19 pandemic, Chairman of the municipal People’s Committee Nguyen Thanh Phong has said.

Phong told an onlinemeeting last week that the revenues had fallen to 947 billion VND (40million USD) against atarget of 1.64 trillion VND (69.4 million USD).

The outbreak greatly affectedthe country’s socio-economy, especially the city’s and its services andindustrial sectors, he said

Its economy grew by just 0.42 percentin the period, down from around 7 percent a year ago.

The worst affected of thecity’s sectors are services and tourism. The number of foreign visitors fell by42.2 percent year-on-year.

The number of new enterprisesdecreased by 15.7 percent. The flow of foreign direct investment (FDI) was down a third to 1.05billion USD.

But Phong promised that afterthe pandemic subsides, there would be no outbreaks or community spread and thecity would come up with solutions to foster priority sectors including tourismand services to ensure growth resumes.

It would also promote the useof information technology, reform the administration, stimulate tourism demand,control the consumer market and ensure people’s essential needs are met, helpbusinesses access support packages, and accelerate the rate of publicinvestment, he added./.
VNA
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