Nguyễn Văn Dũng, deputy chairman of the HCM City People’s Committee, speaks at a conference held by the HCM Ciity State Treasury. — Photo courtesy of nld.com.vn

HCM CITY — HCM City’s total state budget revenue in 2024 was estimated at VNĐ508.5 trillion (US$19.96 billion), or 105.3 per cent of the target and 13.3 per cent up from 2023, according to the municipal People’s Committee.

This marked an historic milestone as HCM City becomes the first locality in the country to reach over VNĐ500 trillion ($19.6 billion) in budget revenue.

Deputy Chairman Nguyễn Văn Dũng, at a conference held by the HCM City State Treasury in HCM City on December 31, announced budget revenues and expenditure estimates for the year.

The event was attended by Secretary of the HCM City Party Committee Nguyễn Văn Nên, Chairman of the People’s Committee Phan Văn Mãi, and Deputy Chairman Nguyễn Văn Dũng, along with leaders of departments and agencies.

Dũng said for 2025, the central government has assigned the city a budget revenue target of VNĐ506.67 trillion, accounting for 25.76 per cent of the national total and representing a 4.97 per cent increase from the 2024 projection.

However, the city aims for total budget revenue of VNĐ520 trillion in 2025, a 7.71 per cent increase over the 2024 target, with local budget expenditures projected at VNĐ156.5 trillion, up 10.58 per cent from 2024.

To accomplish these targets, Dũng said the city will adopt comprehensive solutions to manage its economy and society flexibly and creatively, ensuring effective governance.

It will strengthen the mobilisation, allocation and efficient use of resources for development investment; focus on disbursing public investment capital with determination to complete public investment plans and accelerate the implementation of key projects.

The city will work to ensure tight, economical and efficient budget management within the assigned estimates and only issue policies that increase state budget expenditures when absolutely necessary and supported by guaranteed funding sources.

He requested financial, tax and customs agencies to closely coordinate and monitor the State budget revenue situation in the city, analyse tax collection data and provide timely recommendations to ensure proactive and balanced financial management.

Additionally, they were asked to review budget revenue progress, particularly in land use fees and public investment disbursement, and propose appropriate solutions to balance funding for 2025.

During the event, the municipal People’s Committee presented awards to units with outstanding achievements in budget revenue management and to businesses who contributed over VNĐ500 billion in taxes in 2024. — VNS