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Monday, June 17, 2024

VND80 trillion more proposed for HCMC’s development investment

By Nguyen Tan

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HCMC – The HCMC People’s Committee has proposed adjusting budget expenditure targets for the 2021-2025 period, seeking to increase development investment by over VND80 trillion.

If approved, this proposal would raise the total expenditure for the 2021-2025 period in HCMC to VND500.8 trillion, with the development investment portion reaching nearly VND242.4 trillion.

The extra budget of VND80 trillion would come from an increase in local revenue from various sources and a reduction in borrowed funds to offset the budget deficit.

Specifically, it is estimated that local budget revenue will increase by around VND91.6 trillion, while the reduction in borrowed funds will amount to VND11.5 trillion.

In late 2020, the HCMC People’s Council passed Resolution 82, outlining the five-year financial plan for the 2021-2025 period. At that time, the total local budget expenditure for the same period was set at around VND420.7 trillion, with development investment totaling VND162.3 trillion.

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