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Tuesday, July 5, 2022

HCMC seeks to borrow nearly VND11 trillion in 2022

The Saigon Times

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HCMC – HCMC plans to borrow nearly VND11 trillion next year, of which VND9.9 trillion will be used to finance its budget deficit and VND989 billion to pay debt.

At the fourth session of the 10th HCMC Peoples’ Council on December 7, HCMC Vice Chairman Le Hoa Binh delivered the municipal government report on budget revenue and spending for next year, according to local news reports.

The city expects to collect nearly VND386.6 trillion in revenue, up 5.9% over the estimate for 2021 and 4.3% versus the expected revenue in 2021. Of the total, revenues from domestic production and business activities, crude oil and import-export activities are projected at some VND259.6 trillion, VND10.5 trillion and VND116.5 trillion, respectively.

In addition, the city’s budget revenue next year is estimated at VND89.7 trillion, rising 9.29% over the estimate for this year.

Meanwhile, the city estimated its spending at VND99.7 trillion next year, including VND43.5 trillion for development, VND48.7 trillion for regular expenditures and VND3.4 trillion for backup funds.

According to the HCMC government, amid the challenges caused by Covid-19, the budget spending plan is developed in an economical manner to set aside resources for the fight against the pandemic, economic recovery and social welfare.

Based on the estimated budget revenue and spending, the city may run a budget deficit of over VND9.9 trillion next year.

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