HCM City targets higher budget revenue in 2015
The Ho Chi Minh City local government has mapped out a plan to boost budget collections for 2015, with domestic revenues targeted to rise 14 -16% and earnings from export and import to increase 6-8 percent, the Saigon Times Daily reported on July 30.
The target was pointed out in the city’s budget plan for 2015 issued by the HCM City government last weekend.
In 2014, the total revenue of HCM City is estimated at VND226.3 trillion, or 0.53% lower than in 2013. Of the figure, domestic revenues are expected to contribute VND124.2 trillion, while some VND74.8 trillion will come from exports and imports, and VND27.3 trillion from crude oil.
The total revenue this year to date has amounted to VND148.5 trillion, or 14.3% higher than the same period last year. Domestic sources generated VND 81.89 trillion and export-import tax collections contributed VND48.5 trillion, rising 17.2% and 15.8 percent compared to 2013, respectively.
According to the HCM City Department of Finance, the increasing amount of tax collections is attributed to greater efforts to attract foreign investment, high consumption of consumer goods, cars, and oil and gas revenues. Other sources such as personal income tax, registration charges and land use fees are also higher.
Besides, the recovery of many manufacturing firms had positive impacts on the city’s revenues.
Speaking at a conference in June on the city’s socio-economic performance in this year’s first half, Chairman of the HCM City People’s Committee Le Hoang Quan expected the local economic recovery since 2013 will continue to gain tempo in the coming years.