HCM City’s nine-month budget revenue soars

On the back of soaring revenue from real estate and crude oil, according to data from the municipal statistics office.

Ho Chi Minh City has collected more than VND349.9 trillion ($14.64 billion) in State budget revenue in the first nine months of this year, up 27.7% year-on-year, on the back of soaring revenue from real estate and crude oil, according to data from the municipal statistics office.

The amount was equivalent to 90.5% of the yearly plan.

From January to September, domestic collection surged 26.3% against the same period last year to exceed VND222 trillion while that from foreign trade went up 19.7% to close to VND104.74 trillion , accounting for 63.5% and 29.9%, respectively, of the total.

Nine-month budget revenue from crude oil exports reached over VND23.11 trillion, up 116% year-on-year and 20% higher than the year’s plan. It made up 6.6% of the total.

Collection from the real estate sector spurred 152.3% year-on-year thanks to the market vibrancy in the early months of the year.

The southern hub posted a Gross Regional Domestic Products (GRDP) growth of 9.71% during the period, given that the local economy has been witnessing a strong recovery with the GRDP growth hitting more than 30% in the last quarter.

Yet, HCM City was among the country’s worst performers in public investment disbursement since the disbursement rate only reached 25% of the yearly plan, prompting the city to double efforts to tackle the issues and accelerate the progress./.
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Source: Vietnam+