HCM City tax revenues fall well short of target

14-Apr-2020 Intellasia | VNS | 6:02 AM Print This Post

HCM City’s daily tax revenues have fallen by 31 per cent in the first quarter of this year because of the Covid-19 pandemic, the chair of its People’s Committee, Nguyen Thanh Phong, has said.

He told an online meeting last week that the revenues had fallen to VND947 billion against a target of VND1.64 trillion.

The outbreak greatly affected the country’s socio-economy, especially the city’s and its services and industrial sectors, he said

Its economy grew by just 0.42 per cent in the period, down from around 7 per cent a year ago.

The worst affected of the city’s sectors are services and tourism. The number of foreign visitors fell by 42.2 per cent year-on-year.

The number of new enterprises decreased by 15.7 per cent.

Foreign direct investment was down a third to $1.05 billion.

But Phong promised that after the pandemic subsides, there would be no outbreaks or community spread and the city would come up with solutions to foster priority sectors including tourism and services to ensure growth resumes.

It would also promote the use of information technology, reform the administration, stimulate tourism demand, control the consumer market and ensure people’s essential needs are met, help businesses access support packages, and accelerate the rate of public investment, he added.

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Category: Economy, Vietnam

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