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HCM City works hard to reach budget estimate target
Ho Chi Minh City's financial sector has worked hard to fulfill the budget estimate target set for 2023.
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| HCM City works hard to reach budget estimate target |
According to the municipal Statistics Office, total state budget revenue in the first three quarters of 2023 amounted to 326.19 trillion VND (over 13.37 billion USD), down 6.4% compared to the same period last year.
The southern economic hub was one of the provinces and centrally-run cities reporting the lowest budget collection rates in the country, with total revenue reaching just over 69% of the assigned plan in the first nine months of this year.
Among the three main revenue sources, only crude oil has met the assigned budget target, reaching more than 18.51 trillion VND, exceeding the target by 15.7%.
Revenue from export-import hit 93.5 trillion VND, equivalent to 64,1% of the estimate and making up 28.7% of the total.
From January to September, domestic collection decreased by 3% from the same period last year to more than 214.16 trillion VND, while that from foreign-invested areas went up 0.2% to over 51.87 trillion VND, accounting for 65.6% and 15.9% of the total, respectively.
Director of the municipal Department of Finance Le Duy Minh stated that the drop in the city's budget revenue was due to difficulties faced by the local business community in recent times, especially real estate firms.
According to Nguyen Toan Thang, Director of the municipal Department of Natural Resources and Environment, the slowdown of the real estate market has affected related activities.
The city has so far processed only 234,000 sets of documents related to property transactions, equivalent to only 62% of the figure in the same period last year, he said.
Regarding revenue from land, Thang said in 2023, the city has planned to appraise 43 investment projects, with expected revenue of approximately 25 trillion VND, up 5 trillion VND compared to the 2022. The municipal People's Committee has so far approved 29 projects, collecting total revenue of 7.8 trillion VND.
Other projects are being actively implemented in order to ensure the targets are met in the assigned plan, he added./.
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