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HCMC’s Jan-Oct budget revenue beats estimate

The Saigon Times

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HCMC – HCMC’s budget revenue totaled nearly VND393 trillion between January and October, exceeding the year’s estimate by 1.6% and rising 22.33% year-on-year, according to the HCMC Department of Finance.

Of the total, domestic sources accounted for VND254 trillion, meeting 97.88% of the full-year target, and surging 19.32% year-on-year, a deputy director of the department reported at a meeting on the city’s socio-economic performance on October 11.

Specifically, budget revenue from crude oil amounted to nearly VND24 trillion, skyrocketing over 100% versus the year-ago period, while imports and exports brought budget revenue of over VND114.7 trillion, a 19.29% year-on-year increase.

The increase in budget revenue from property-related activities also contributed to the city’s budget revenue spike.

According to the Department of Finance, the city’s budget revenue surpassed the year’s plan thanks to the business activities of real estate enterprises, crude oil imports and exports, and personal income tax, among others.

Disbursements of the city’s budget for development and investment have been far lower than expected.

Within 10 months, the city’s budget spending (excluding advance payments) totaled an estimated VND50,228 billion, reaching 51.9% of the target and down 20.7% year-on-year.

HCMC has just disbursed over VND23,247 billion of public investment, or 53.1% of the annual plan, during the January-October period this year.

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