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Friday, July 19, 2024

HCMC aims to collect VND19 trillion for city’s budget

The Saigon Times

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HCMC – The HCMC Department of Natural Resources and Environment is working with the HCMC Department of Finance and the Land Price Appraisal Council to boost land-based revenue, with the goal of generating VND19 trillion in revenue from land projects.

Nguyen Toan Thang, director of the department, announced this information during a meeting that reviewed HCMC’s socioeconomic performance in the first eight months and outlined missions for September, held on August 30.

While several projects with approved land use rights generated VND2.3 trillion in revenue from January to August, falling short of the anticipated VND5.3 trillion, projections for the remaining months indicate a potential revenue surge to nearly VND19 trillion, according to Thang.

“The figures will be equal to or even higher than in 2022, and various departments and sectors are coordinating to maximize land-based revenue, contributing to the city’s budget,” he noted.

However, complexities surrounding property rights persist. More than 81,000 commercial residential units lack home ownership certificates, with only 6,000 cases resolved. About 40,000 of the remaining cases seem solvable, while the rest present complications that may extend beyond the current year’s scope.

Income tax and registration tax remain the city’s major sources of budget revenue. However, income tax from the real estate sector has sharply decreased. The city’s administrative system, which previously handled 40,000 to 45,000 procedures monthly, now manages only 18,000, impacting revenue collection.

Regarding public investment disbursement, the city has 153 projects with an allocated budget of VND27 trillion, but has disbursed only VND6.3 trillion, constituting 35% of the funds.

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