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State President backs HCMC’s proposal for higher budget retention rate

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HCMC – State President Nguyen Xuan Phuc, at a meeting with voters in HCMC’s Cu Chi District on May 14, expressed his support for the city’s proposal to increase its budget retention rate.

At the meeting, some voters expected the State President to support policies to help the city have larger resources to develop infrastructure and ensure social welfare, Tuoi Tre Online newspaper reported.

In response, State President Phuc said he shared the views of voters to seek policies to help HCMC gain stronger growth.

He added that the city must deal with many issues, including controlling floods, easing traffic congestion and improving the living environment for local residents. He highlighted that he had worked out several drastic solutions for these issues.

He had worked with the prime minister and they both agreed to issue a common resolution on raising the city’s budget retention rate to create conditions for the city’s development and investment.

“We will support the submission of the resolution to the National Assembly,” Phuc noted.

According to the State President, with only a 1% increase in the rate, HCMC will have an additional VND2 trillion to develop infrastructure and address issues.

At a meeting between the Government and HCMC authorities yesterday, the city proposed increasing its budget retention from the current 18% to 23% in the 2022-2025.

Prime Minister Pham Minh Chinh also threw his weight behind the proposal, saying that the support for a higher retention rate would encourage the city to focus on three breakthrough strategies and other major projects.

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