HCM City confident of fulfilling 2018 budget collection
Ho Chi Minh City is confident of fulfilling its 2018 budget collection goals, as its economy saw stable and positive development in the first three quarters of this year, according to Chairman of the municipal People’s Committee Nguyen Thanh Phong.
Chairman of the HCM City People’s Committee Nguyen Thanh Phong (centre) speaks at the meeting on the city’s socio-economic performance on October 1 (Photo: VNA)
HCM City (VNA) – Ho Chi Minh City is confident of fulfilling its2018 budget collection goals, as its economy saw stable and positivedevelopment in the first three quarters of this year, according to Chairman ofthe municipal People’s Committee Nguyen Thanh Phong.
At a meeting on the city’s socio-economic performance on October 1, Phong saidin the remaining three months of the year, the city must take drastic measuresto achieve its socio-economic targets, especially by implementing sevenbreakthrough programmes and building a smart city.
In addition, the city is reviewing a planning adjustment plan and preparing toask for the Prime Minister’s permission to complete a detailed planning scheme,he said.
Vice Chairman of the committee Tran Vinh Tuyen said departments and agenciesshould intensify digitalisation and information technology application, with atleast one technological solution registered in each field by November.
According to a committee report, in the first nine months of 2018, the city’sgross domestic product (GDP) reached 903.6 trillion VND (38.78 billion USD), up7.8 percent year-on-year while budget collection hit 269.1 trillion VND (11.5billion USD), fulfilling 71.4 percent of the yearly plan and an increase of 9.8percent compared to the same period last year.
Revenue from retail sales and services hit 769.3 trillion VND (33 billion USD),up 12.8 percent year-on-year, and export turnover reached 28.2 billion USD, up7.7 percent.
The city welcomed 5.45 million foreign tourists during January-September, asurge of 21.2 percent over last year’s corresponding period.
HCM City lured 5.47 billion USD in total foreign investment in the first ninemonths, soaring 50 percent year-on-year.-VNA
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Ho Chi Minh City collected over 269.1 trillion VND (nearly 11.6 billion USD) for the State budget in the January-September period, up 9.88 percent year on year.
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Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
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Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Chairman of the HCM City People’s Committee Nguyen Thanh Phong (centre) speaks at the meeting on the city’s socio-economic performance on October 1 (Photo: VNA) 
