HCM City’s tax revenue dips

31-Mar-2020 Intellasia | The Saigon Times | 6:02 AM Print This Post

Due to the fallout from the novel coronavirus, HCM City has collected VND899 billion for the State budget each day over the first quarter of the year, down 33 percent year-on-year and accounting for 55 percent of the target.

Speaking at an extraordinary meeting held by the HCM City People’s Council on March 27, HCM City Chair Nguyen Thanh Phong noted that a number of socioeconomic targets had failed to be fulfilled in the first quarter of 2020.

The city had earlier set a target of collecting over VND1.6 trillion for the State budget per day, but it did not achieve this target in the first three months due to the pandemic.

Total retail sales of goods and services fell by 1.3 percent year-on-year, while the number of international tourists plunged by 34.2 percent and the city’s industrial production index inched down by 1%.

Besides this, HCM City’s foreign direct investment attraction reached a mere $1.05 billion during the January-March period, dropping by 33 percent year-on-year. In addition, over 1,350 enterprises were dissolved, up 37.6 percent year-on-year, the local media reported, citing Phong.

In the first quarter of 2019, HCM City’s budget collection totalled over VND98 trillion, up 7 percent against the year-earlier figure.



Category: Economy, Vietnam

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