HCM City: Budget revenue highest from FDI sector
Foreign-invested enterprises contributed the largest part of Ho Chi Minh City’s budget revenue last year, reported Saigon Giai Phong newspaper.
According to a report on budget collection results, the budget revenue of HCM City amounted to over VND106.1 trillion (US$4.6 billion).
Of the figure, foreign-invested enterprises contributed nearly VND42 trillion (US$1.82 billion) and the domestic private sector some VND35 trillion (US$1.52 billion).
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| Part of HCM City (Source:Internet) |
Nearly VND29.2 trillion (US$1.26 billion) came from State-owned enterprises, of which, centrally governed enterprises and local enterprises contributed over VND18.3 trillion (US$795 million) and VND10.9 trillion (US$474 million), respectively.
Revenue saw a year-on-year increase from the taxes that the businesses had to pay.
For instance, special consumption tax revenue rose 16.7%, while budget collection from value-added tax and business income tax increased 14.8% and 9.2%, respectively.
Ho Chi Minh City is the biggest business and trade hub in Vietnam.
It led other localities in reeling in foreign direct investment in 2015 with inflows of US$4.5 billion.
