HCM City revenue collection VND 400,000 billion for first time

The units of financial sector in HCM City received certificate of merit of HCM City People's Committee. Photo: T.H

On behalf of financial units in HCM City reporting results of revenue collection and expenses in 2019, Le Ngoc Thuy Trang – Deputy Director of HCM City Department of Finance, said the estimation of revenue collection in 2019 assigned to HCM City by the Prime Minister and Ministry of Finance was VND 399,125 billion. Domestic collection was VND 272,325 billion; revenue collected from import – export actitivites was VND 108,800 billion and crude oil was VND 18,000 billion.

As of December 31, 2019, HCM City had hit VND 409,923.4 billion, achieving 102.71 percent of current appropriation, up 7.829 percent over 2018.

In particular, domestic revenue was VND 290,363 billion, nearly 101 percent of current appropriation, increasing by 7.91 percent; revenue collected from import and export activities was VND 118,664 billion, 109.1 percent of the current appropriation, increasing by 9.5 percent over the same period. According to Trang, this is the first year HCM City exceeded revenue collection of VND 400,000 billion.

Assessing results of revenue collection in HCM City, Chairman of HCM City People's Committee Nguyen Thanh Phong said in the context of international integration, besides advantages, there were also difficulties and the world economy has many unpredictable changes, so HCM City leaders always manage revenue collection and expenditure actively, while departments and agencies have made great efforts to reform administrative procedures to faciliate businesses. Enterprises have also made great efforts to overcome the challenges of efficient production and contributing revenue to the State budget.

Leader of HCM City People's Committee honoured enterprises having high level of compliance of tax obligation. Photo: T.H

According to Chairman Nguyen Thanh Phong, in 2019, the central Government assigned domestic revenue estimation to HCM City increased by 6.29 percent compared to the estimate, up by 11.26 percent compared to 2018. Of that, the estimation assigned to the business sector increased compared to the implementation in 2018 (more than 20.97 percent) exceeded the ability of mobilise revenue in Ho Chi Minh City. "With the efforts of the whole city, by the time of 5:00 PM on December 31, HCM City completed the assigned task of revenue collection," Phong emphasised.

In the management of State budget expenditure, HCM City has spent local budgets in the direction of saving, efficiency and basically meeting capital investment of key projects in HCM City, ensuring social security for the people of the city.

On behalf of HCM City leaders, Phong acknowledged and praised the sense of responsibility, creativity in management and put great efforts to strive and overcome difficulties to complete the task of revenue collection and expenditure of units under the finance sector of city.

At the conference, recognising the contribution of businesses, the HCM City People's Committee honoured 57 enterprises with contributions of more than VND 1,000 billion to State revenue.