HCM City’s State budget collection meets target ahead of schedule
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.
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./.
Ho Chi Minh City has collected more than 349.9 trillion VND (14.64 billion USD) in State budget revenue in the first nine months of this year, up 27.7% year-on-year, on the back of soaring revenue from real estate and crude oil, according to data from the municipal statistics office.
The tax sector collected over 1.1 quadrillion VND (46.13 billion USD) for the State budget in the first nine months of this year, a year-on-year rise of 21.6%, and equivalent to 93.9% of the yearly estimate, according to the General Department of Taxation.
Legislators are continuing with discussions on the performance of the 2022 socio-economic development plan, socio-economic development plan for 2023, 2022 State budget, and 2023 State budget estimate, public investment plan and State budget allocation plan on the eight working day of the 15th National Assembly’s fourth session on October 28.
The 15th National Assembly (NA) spent the eighth working day of its fourth session on October 28 discussing socio-economic issues and special pilot policies for the development of Ho Chi Minh City.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
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The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
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Illustrative image (Photo: VNA) 
