HCM City experiences pressure from budget collection
Although completing the majority of its economic targets for 2018, Ho Chi Minh City is still burdened with heavy pressure from its budget collection, said Nguyen Thanh Phong, Chairman of the municipal People’s Committee at a meeting on November 1.
HCM City (VNA) – Althoughcompleting the majority of its economic targets for 2018, Ho Chi Minh City isstill burdened with heavy pressure from its budget collection, said NguyenThanh Phong, Chairman of the municipal People’s Committee at a meeting onNovember 1.
Phong said that if the city fails to recordan economic growth of 8.3 percent for the whole year, it will have to struggleto fulfil its goal of collecting 376.78 trillion VND (16.2 billion USD) towardsits budget by the year’s end.
Director of the city’s Department ofPlanning and Investment Su Ngoc Anh said that in the first 10 months of 2018, thecity’s total retail and services revenue was estimated at 860.35 trillion VND(36.99 billion USD), up 12.9 percent year-on-year.
Meanwhile, total exports of the city hit31.3 billion USD, up 7.1 percent over the same period last year, while itsimports were 38.3 billion USD. Total foreign tourists visiting the city reached6.1 million, a surge of 20.2 percent.
Anh noted that in the first 10 months of2018, HCM City collected over 306.38 trillion VND, equivalent to 81.32 percentof the estimate and representing a rise of 9.89 percent year-on-year.
As many as 35,585 new firms were set up inthe period with a total registered capital of nearly 450 trillion VND, anincrease of 5.2 percent and 95.4 percent, respectively.
Director of the city’s Department ofIndustry and Trade Pham Thanh Kien reported that trade and business in the cityhas remained stable over the given period.
Phong said that for the rest of the year, municipalagencies should keep a close eye on budget expense and collection, avoidinglosses in revenue and tax payments, while also boosting production to completethe target set for budget collection.
He asked the Department of Industry andTrade to promote trade and business to supply goods for the Lunar New Yearholiday, as well as hold a meeting between retailers and production firms tofoster their connections.
The Department of Tourism was requested to diversifyits products and seek measures to optimise waterway tourism.
Phong also stressed the need to revoke landused for wrongful purposes of auctioning, as well as deal with stagnant projectsto create more land stock. –VNA
Project management unit number 2 (PMU2) has urged the Ministry of Transport to approve a pre-feasibility study it has done for the Ho Chi Minh City – Moc Bai Expressway.
The administration of Ho Chi Minh City has issued a list of key agricultural products to develop to improve the income and living standards of rural residents.
Ho Chi Minh City’s consumer price index went up 0.64 percent month-on-month and 3.42 percent year-on-year in October, announced the municipal Statistical Office on October 30.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
A view of Ho Chi Minh City (Photo: VNA) 
