HCM City collects more for State budget in 2018

Ho Chi Minh City’s State budget collection topped VND378.5 trillion (US$16.4 billion) as of December 31, 2018, or 100.47% of the estimate and marking a 8.65% increase year-on-year, Chairman of the municipal People’s Committee Nguyen Thanh Phong told a local conference on January 3.

hcm city collects more for state budget in 2018 hinh 0

Specifically, domestic revenue surpassed VND244.7 billion, or 95.54% of the estimate, up 10.38% annually. Revenue from imports-exports reached more than VND108.3 trillion, equivalent to 100.34% of the estimate; while that from crude oil rose by 44.12% to VND24.3 trillion, or 193.36% of the estimate. 

The Prime Minister and Ministry of Finance assigned the city to collect over VND399 trillion to the State budget in 2019, up 5.93% from the 2018 estimate. 

Phong asked the city’s financial sector to strengthen its expense control and improve the efficiency of budget use. 

In order to successfully launch a pilot resolution on a special mechanism and policy for the city’s development, financial agencies were asked to build a project towards adjusting minimum housing and land prices for income tax calculation, and a scheme on increasing special consumption tax on beer. 

Director of the municipal Department of Finance Phan Thi Thang said the sector will strive to ensure sufficient and proper budget collection this year, while refining inspection measures to prevent transfer pricing and reviewing administrative procedures to clear difficulties facing local firms. 

The customs sector will work with specialised management agencies to shorten times for customs clearance and develop full-package and professional customs services. 

On the occasion, Politburo member and Secretary of the municipal Party Committee Nguyen Thien Nhan and Chairman of the municipal People’s Committee Nguyen Thanh Phong presented certificates of merit to 24 districts and communes and 37 businesses in honour of their contributions to the local financial sector.


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