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.
The 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./.
You should also see
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
See more
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
Business
Vietnam needs drastic reforms to create firm ground for economic growth: experts
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
Business
Dak Lak firm pioneers in following EUDR in coffee production
The Dak Lak September 2 Import-Export Company Limited (Simexco) has pioneered in building coffee growing areas following the EU Deforestation Regulation (EUDR), it announced on April 25.
