Tax officials in Cần Thơ guide household businesses on tax declaration procedures. Photo baocantho.com.vn

CẦN THƠ — Cần Thơ City is on track to exceed its 2026 revenue target by 15 per cent, driven by strong tax collection and a solid economic performance in the first five months of the year.

Its revenues as of May 31 were VNĐ13.833 trillion (US$531 million), or more than 51 per cent of the full-year target.

The chairman of its People’s Committee, Trương Cảnh Tuyên, said the city is confident of surpassing its annual revenue target by 15 per cent if the momentum continues, creating greater fiscal capacity to support socio-economic development and key public programmes.

The economy also recorded encouraging growth in the opening months of the year, growing at 7.02 per cent in the first quarter.

Industrial production rose by more than 8 per cent year-on-year, while retail sales and consumer services shot up by 17.5 per cent.

Exports recorded particularly strong growth of 30 per cent.

Progress was also reported in education, healthcare, culture, and social welfare programmes.

But local authorities acknowledged several challenges that could derail growth.

Economic growth remains slower than the scenario envisaged at the start of the year, and uneven across sectors.

Small- and medium-sized enterprises continue to face difficulties.

More than 2,000 new businesses were established in the first six months, up nearly 15 per cent from a year earlier, but most were small or micro enterprises.

Meanwhile, the number of closed businesses doubled to 1,000.

Tourism development has yet to match the city’s potential because of a shortage of distinctive products.

Land clearance, compensation and resettlement procedures at several major projects also remain bottlenecks, affecting public investment disbursement.

To achieve its ambitious double-digit growth target this year, the city plans to focus on three key drivers: fully disbursing public investment of VNĐ19 trillion ($731 million), attracting more private investment,and boosting domestic consumption.

Authorities have also prioritised improving the business environment after enterprises gave relatively low assessments of the city’s competitiveness.

The Department of Finance has been tasked with reviewing growth scenarios for the second half of the year, reassessing public investment plans and proposing solutions for long-delayed projects, including 21 that have already undergone inspections and audit.

It will study plans for using surplus public assets and appraise investment proposals for major projects such as the GO! Cờ Đỏ supermarket, Vĩnh Trinh biomass power plants, and wind power projects.

A pilot mechanism is being considered to accelerate investment approvals through a dedicated investment promotion support team headed by the city chairman.

Investment applications will be reviewed and scheduled for officials’ consideration within five days and approval one or two days later.

The city leadership has also instructed the Department of Industry and Trade and industrial park management authorities to facilitate business relocation to concentrated industrial zones and clusters to strengthen manufacturing activity. 

The measures were discussed at the socio-economic review meeting for May held on June 3. — VNS