HCMC – Ba Ria-Vung Tau Province’s budget revenue in the year to October surpassed the year’s estimate by 131% and rose 31.7% year-on-year, the provincial government reported.
Of the total, domestic sources accounted for over VND38,000 billion, equivalent to nearly 110% of the full-year target, up 17.6% year-on-year. Budget revenue from crude oil exceeded the target by 231%, skyrocketing 102% over the same period last year, at VND38,300 billion.
Collections from foreign-invested businesses totaled around VND15,500 billion, followed by state-run companies with over VND5,800 billion, and the private sector with VND3,900 billion. Personal income tax revenue was put at over VND3,600 billion.
Meanwhile, growth in the manufacturing, retail and accommodation sectors accelerated.
In October, the output of the industrial manufacturing industry soared 25% year-on-year and 10.4% in the first 10 months. The strong growth resulted from the Government’s efforts to spur production.
Earnings from the accommodation sector in the month skyrocketed 14-fold and 2.8 times higher than the same period of 2021 from January to October, while revenue from retail sales edged up 4.2% in October and nearly 15% in the 10-month period.
However, disbursements of the city’s budget for development and investment have been far lower than expected, only meeting 43.7% of the full-year target, equivalent to nearly VND6,150 billion, said the Ba Ria-Vung Tau Department of Industry and Trade.
According to the plan, the province will commence 30 projects, but only 19 of them had broken ground by the end of October, eight are seeking developers, and the remainder are waiting for paperwork to be done.