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Hanoi's budget revenue reaches US$5.2 billion in 6 months
Ngoc Thuy 16:20, 2018/07/18
The positive result was thanks to drastic measures from the local government, including the naming and shaming of businesses that have defaulted on tax payments, said Nguyen Van Suu, Hanoi`s deputy mayor.
In the first half of 2018, Hanoi collected VND120 trillion (US$5.16 billion) for the state budget or 50.04% of the year's estimate, according to Suu.
 
Illustration photo.
Illustration photo.
Of the total, revenue from land-use rights and the non-state sector witnessed high growth rates, reaching 73.1% and 53% of the plans, respectively, Suu added.

The positive result was thanks to a combination of drastic measures and efforts from the local government and concerned parties, including the naming and shaming of businesses that have defaulted on tax payments. 

Concurrently, Hanoi also set up measures to ensure efficiency and flexibility in state budget expenditure and public investment. 

Suu requested supports from the government and the Ministry of Finance for higher efficiency in revenue collection from state-owned enterprises, which currently stood at 44% of the estimate. 

During the first January - June period, Hanoi's GRDP reached 7.07%, up 0.43 percentage points year-on-year, according to the municipal Statistics Office. 

In 2018, Hanoi aims to achieve a GRDP target of 7.3-7.8%. The city also expect to have over 50,000 newly established enterprises (including business households transformed into enterprises). Along with this target, Hanoi strives to grow its service sector by 6.9-7.5% and those of industry and construction sectors by 8.2%-8.7%. Additionally, export turnover growth is expected to reach 7.5-8%.
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