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Ho Chi Minh City
Monday, November 28, 2022

City targets higher budget revenue despite pandemic

The Saigon Times

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HCMC – The HCMC People’s Council approved higher budget revenue targets for next year, having seen rising budget collections this year despite the devastating impact of the pandemic on the socio-economic situation.

In their final vote, before wrapping up the fourth session today, December 9, Council members passed a resolution on estimates for budget revenues as well as budget expenditures for next year. The budget revenue for 2022 is targeted at VND386.5 trillion, or roughly US$16.5 billion, an increase of 5.94% against the 2021 target and a rise of 4.34% against the actual budget collection this year.

Council members noted that despite a fall in the regional gross domestic product in 2021, the budget revenues of the city this year still reached an estimated VND370.5 trillion, or 1.3% higher than the initial target, giving Council members the confidence to set a higher budget target for 2022.

The HCMC People’s Council, in its Resolution, assigned the municipal government to make necessary arrangements to improve the budgetary balance for the rest of this year, step up the budget collection and accelerate the disbursement of public investment.

The city government has also been told to take measures to cope with possible upheavals in 2022 induced by the pandemic so that the economic growth and budgetary targets for 2022 can be successfully achieved.

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