HCMC – HCMC has raised its full-year state budget revenue target to VND800 trillion, 15% higher than the original estimate, reported the Vietnam News Agency.
Nguyen Van Duoc, chairman of the People’s Committee of HCMC, said the former HCMC area is projected to collect VND600 trillion, above the earlier target of VND520 trillion. The former provinces of Binh Duong and Ba Ria-Vung Tau, which are now part of HCMC, will obtain VND200 trillion, taking the total to VND800 trillion, he added.
The city plans to auction prime land plots to boost revenue and is accelerating the resolution of stalled investment projects. Authorities have cleared 106 of 838 projects since the start of the year, unlocking 1,276 hectares and over VND500 trillion in investment capital.
Revenue from foreign-invested enterprises rose more than 13% from a year earlier, while housing and land-related collections increased 3.4 times.
On July 1, Ho Chi Minh City, Binh Duong and Ba Ria-Vung Tau were combined to form a megacity called Ho Chi Minh City. This new HCMC has a population of over 14 million and gross regional domestic product that accounts for one-fourth of the nation’s total.
The city’s People’s Council has approved a post-merger budget estimate of VND697.4 trillion, equivalent to 32.7% of the national total. The former HCMC area accounted for 74.6% of that figure, Ba Ria-Vung Tau 14.7%, and Binh Duong 10.7%.
