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Hanoi's budget revenue hits 70% of target
Ngoc Mai 15:46, 2022/09/14
Rising budget revenue helps the city ensure effective implementation of social policies and socio-economic development.

Hanoi’s total budget revenue as of August 20 hit VND219.1 trillion (US$9.32 billion), reaching 70.3% of the year’s estimate and up 9.5% year-on-year.

 Locals pay taxes at the Hanoi Department of Taxation. Photo: Thanh Hai

This included domestic revenue of VND200.6 trillion ($8.5 billion), or 69.5% of the estimate and up 8.2% year-on-year.

For this year, the city is expected to raise revenue of VND342.3 trillion ($14.5 billion), surpassing the year’s target by 10%.

Vice Chairman of the Hanoi People’s Committee Ha Minh Hai highlighted the positive budget performance, which helped ensure the city’s effective implementation of social policies, mitigate impacts from natural disasters and pandemics; address public frustration in urban management, and push for socio-economic development.

Hai, however, acknowledged certain shortcomings in the revenue collection, especially in the low income from the auction of land use rights and modest disbursement rate of public projects.

The vice chairman called for the city to increase the budget allocation for capital expenditure, saying this to be a game changer for Hanoi’s economic growth from now on until 2025.

Vice Secretary of the Hanoi Party Committee Nguyen Thi Tuyen urged the local tax authorities to take a resolute stance on addressing tax arrears; resolve legal bottlenecks to accelerate the auction progress of land use rights; authorize local units in the contractor selection to carry out investment projects.

“Hanoi needs to further provide incentives for businesses and people to expand production, eventually raising the city’s income,” Tuyen said.

Le Nguyen Hong Phuong, director of Real Estate Company No.123, noted the city’s support, especially in taxation policies, is key for local companies to recover from the Covid-19 pandemic and return to normal operation.

“Simplification in tax procedures, along with the application of e-invoices and online tax apps, are the right steps,” he added.

Director of the Hanoi Taxation Department Mai Son said in the coming time, the local tax authorities would continue providing support for taxpayers in every process of tax payment, to create utmost convenience for businesses and people.

“In the long-term, the tax department would ponder recommendations from the public to revise tax policies and further support businesses to recover,” Son added.

Chairman of the Hanoi People’s Committee Tran Sy Thanh stressed the city would prioritize addressing issues related to revenue collection, and focus on raising capital expenditure.

“Hanoi aims to allocate a sizeable funding from the city’s budget for the construction of new industrial parks and clusters, aiming at expanding investment, businesses activities and creating a long-term revenue source for the city,” Thanh said.

The Hanoi People’s Committee in mid-August released directive No.11 on drafting socio-economic development plans and the budget estimate for 2023, targeting an increase of 9% in tax revenue for the year, and a 4-6% rise in revenue from export-import activities compared to 2022.

Hanoi’s gross regional domestic product growth expanded by 9.49% during the second quarter, beating the expectation of 6.4-6.9% set in early 2022.

This resulted in Hanoi’s economic growth of 7.79% in the first half of 2022, a 1.29-fold increase against the same period of last year and higher than the 7.21% rate recorded in the six months of 2019 (before the pandemic).

The city is determined to maintain the growth momentum and strive for the GDP growth target of 7-7.5% for 2022.

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