The decrease in business results has causedthe revenue contributed to the State budget bybanks and real estate enterprises to decline sharply in the first nine months of the year.

Many real estate enterprises’ revenue has sharply reduced. Photo: T.H 

According to HCM City Tax Department, revenue from non-state industrial, commercial and service sector in the first nine months of 2020 was VND43,398 billion, reaching 56.47% of the estimate, decreasing by 9.73% year-on-year.

This is the sector with the deepest decrease in total revenue among four economic sectors over the same period last year, because the tax payable from banks and real estate enterprises declined over the same period last year.

Typically, revenue of Asia Commercial Bank fell 36.92%, equivalent to a decrease of VND429 billion; VPBank Finance Company Limited dropped 47.57%, equivalent to a decrease of VND469 billion; Vietnam International Commercial Joint Stock Bank declined 12.33%, equivalent to a decrease of VND100 billion.

Tax payable of many real estate enterprises fellin 2020. Of which, Green City Development Joint Stock Company decreased by 43.8%, equivalent to a decrease of VND2,153 billion; Hoa Binh Construction Group Joint Stock Company fell 52.18%, equivalent to a decrease of VND242 billion; Gia Phu Real Estate Company Limited fell 67.08%, equivalent to a decrease of VND195 billion; Binh Thien An Real Estate Joint Stock Company declined 52.64%, equivalent to a decrease of VND113 billion.