Ho Chi Minh City was assigned to collect 405.83 trillion VND (17.5 billion USD) for the state budget in 2020, a rise of 1.68 percent compared to last year’s estimates, said Chairman of the municipal People’s Committee Nguyen Thanh Phong.

At the conference on state budget collection and spending in 2019 in HCM City
(Photo: VNA)

Phong revealed the information at a conference on state budget collection and spending in 2019 held on December 31.

Of the figure, domestic collection and budget revenue from crude oil are projected to stand at nearly 290.83 trillion VND, up 0.17 percent while import-export activities may contribute 115 trillion VND, an increase of 5.7 percent.

In 2019, the city’s total state budget collection was estimated at 409.92 trillion VND (17.7 billion USD), exceeding its estimates by 2.7 percent and representing a year-on-year rise of 8.29 percent.

Its gross regional domestic product (GRDP) exceeded 1.34 quadrillion VND, up 8.32 percent year-on-year.

Vice Director of the municipal Department of Finance Le Ngoc Thuy Trang said 2019 was the first year that the HCM City’s budget collection has surpassed the 400 trillion VND benchmark.

Meanwhile, the city spent more than 70.93 trillion VND in the year, or 79.81 percent of its estimate.