Budget collection exceeds VND60 trillion in HCMC

The HCMC People’s Committee announced at a meeting on March 27 that the state budget collection is estimated to reach VND 60,498 billion (US$2.87 billion) in the first quarter this year.

Customers do shopping at a supermarket in HCMC (Photo: SGGP)

The number accounts for 26.49 percent of the estimate, an increase of 16.07 percent over the same period last year.

The Gross Domestic Product (GDP) in the first quarter increased more than the same period in the last two years at VND 184,277 billion, an increase of 7.7 percent over the same period last year and 1.55 times higher than in the entire country’s. The city GDP reached only 7.4 percent in 2012 and 2013.

Consumer Price Index (CPI) was up 0.18 percent compared to December 2013.

Foreign Direct Investment increased in both capital and new companies. The city licensed 75 projects with total capital at US$ 690.2 million.

Export import turnover decreased 7 percent at US$6.34 billion due to the reduced crude oil and domestic refining policy.

Crude oil export reached only US$1.59 billion, a decrease of 12.8 percent in volume and 3.3 percent in price.

Export of computers, electronic products and components dropped 18.2 percent due to low demand.

Several businesses have moved to other provinces to import and export their commodities partly due to difficulties in tax and customs procedures in the city.

Agencies and businesses have made great effort to maintain the budget collection increase amid export turnover reduction, said chairman of the city People’s Committee Le Hoang Quan.

By Van Anh – Translated by Hai Mien

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