HCMC reaches $20B in budget revenue

Ho Chi Minh City is poised to reach VND502 trillion (US$19.76 billion) in budget revenue this year, contributing 27% of the nation’s total.

« This figure is significant, as it marks the first time revenue has surpassed VND500 trillion. This achievement is a collective effort and HCMC’s contribution to the country’s development, » said the city’s Party Secretary, Nguyen Van Nen, at a meeting on Wednesday.

For many years, despite facing numerous economic challenges, HCMC has consistently been the largest contributor to the national budget.

Last year, even though the growth rate fell short of the target (5.81% vs. the planned 7.5-8%), the city still collected VND446.5 trillion. In 2021, despite the severe impact of the Covid-19 pandemic, which led to a negative growth of 6.78%, the city’s budget revenue reached over VND381.5 trillion, exceeding 104.56% of expectation.

In addition to surpassing the budget revenue target, Nen said HCMC has also seen positive results in two areas that are the main focuses for 2024 – digital transformation and implementing Resolution 98.

Resolution 98 is a legal framework adopted by the National Assembly to address and resolve the city’s challenges. It provides special mechanisms and policies to promote HCMC’s development, enhance its competitiveness, and streamline governance to better manage its rapid growth and urban complexities.

Nen said the city, as the largest and most economically significant in Vietnam, has allocated more resources for investments in culture, social development, education, healthcare, sustainable poverty reduction, and improving residents’ quality of life.

However, the city’s Party leader pointed out that the biggest challenge remains the growth rate not meeting set targets, with an expected growth rate of 7.17% compared to the target of 7.5%.

The progress of public investment disbursement and the implementation of key projects—such as those aimed at reducing traffic congestion, flooding, environmental pollution, developing social housing, renovating old apartments, and resolving housing issues along canals and rivers—continue to face obstacles, he said.

By Le Tuyet – VnExpress.net – December 4, 2024