HCM City’s tax revenues fall well short of target hinh anh 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 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.

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

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

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

The worst affected of the city’s sectors are services and tourism. The number of foreign visitors fell by 42.2 percent year-on-year.

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

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

It would also promote the use of information technology, reform the administration, stimulate tourism demand, control the consumer market and ensure people’s essential needs are met, help businesses access support packages, and accelerate the rate of public investment, he added./.