HCM City projected to experience 4-5% budget collection shortfall
Ho Chi Minh City’s financial sector has forecast that the southern economic hub’s budget revenue collection may face a shortfall of 4-5% this year as compared to the assigned estimate, mainly due to a decrease in revenue collection from import-export activities.
In 2023, HCM City has been assigned to collect over 469.37 trillion VND for the state budget. (Illustrative photo - Source: VNA)
HCM City (VNA) - Ho Chi Minh City’s financialsector has forecast that the southern economic hub’s budget revenue collection may face a shortfall of 4-5% this year as compared to the assigned estimate, mainly due to a decrease in revenue collection from import-export activities.
In 2023, HCM City has been assigned to collect over 469.37 trillion VND (19.08 billion USD) for the state budget.
According to the municipal Statistics Office, the city’scollected volume amounted to about 372.7 trillion VND in the first ten months,meeting 79.4% of the plan and dropping by 8.1% year-on-year. The budget collection fromthe domestic, crude oil, and import-export revenues all experienced reductions comparedto the same period last year.
Director of the municipal Department of Finance Le Duy Minhsaid it will be very difficult to complete the remaining 20% of this year's target within the next two months. The financial sector predicted that thebudget collection may suffer a shortfall of 4-5% of the estimate, equivalent more than 23trillion VND, with the majority coming from the customs sector’simport-export revenue shortfall of about 20 trillion VND.
According to Minh, although the situation has improvedrecently, all taxed import and export sectors have undergone significant annualdecreases. Among them, the key items dragging down the state budget revenue collectionincluded petroleum products, computers, electronic products and components,iron, and steel.
Currently, the city owns relatively large tax arrears,exceeding 40 trillion VND, of which nearly 2 trillion VND is related tocustoms. Therefore, reducing the outstanding arrears and increasing revenue are necessaryfor collection work to reach its highest possible volume this year./.
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In 2023, HCM City has been assigned to collect over 469.37 trillion VND for the state budget. (Illustrative photo - Source: VNA) 
