A supervision group of the National Assembly’s Finance and Budget Commission this week worked with leaders of HCM City to estimate state budget condition in the first half this year, implementation of the law against waste and corruption last year and  final accounts 2014.

Garment and textile industry brings high export value.

At the meeting, the city People’s Committee proposed the Prime Minister to consider rewarding it over VND10 trillion (US$448 million) for excess revenue last year.

Budget estimates assigned by the Ministry of Finance to the city this year is VND298.3 trillion including VND177.6 trillion domestic takings, up 10.25 percent over 2015, VND32 trillion from crude oil and VND102.5 trillion from export and import, up 9.12 percent.

The city is expected to earn VND297.28 trillion this year, accounting for 99.66 percent of the estimates. It will be VND281.78 trillion excluding crude oil income, making up 100.6 percent estimates and up 10.5 percent against 2015.

Director of the Department of Finance Phan Thi Thang said that the assigned export import revenue by the Ministry of Finance to HCMC is too high compared to other localities.

In addition, this year estimates increase 9.1 percent over last year.

Hence, it will be difficult for the city for fulfill the mission despite attempting hard.

Meantime, Secretary of the city Party Committee Dinh La Thang said that the city would accomplish the task.

Despite difficulties, businesses have well performed and paid taxes thanks to great efforts by themselves and the local government.

Although the Ministry of Finance has increased budget revenue norm, HCMC will have extra incomings from up land use tax and fee.

Besides, the city will concentrate on solving difficulties for businesses, facilitate decentralization to districts and agencies and intensify their leaders’ responsibilities aiming to increase budget income.

He proposed the Government to permit HCMC to pilot more decentralization in budget revenue and expenditure and human resources.

If the city’s human and production capacity is completely freed, economic growth rate will not stop at only one digit but must reach two digits.

Therefore, the city needs more special mechanisms than other provinces and cities in Vietnam.

HCMC has focused on coordination with central agencies and experts to build a mechanism for the city to fully develop in every aspect not only budget revenue and spending.

This aims to create the best business environment and make more money, Secretary Dinh La Thang said.

Chairman of the NA Finance and Budget Commission Nguyen Duc Hai supported the proposal to thoroughly seek finance and budget mechanisms for the city.

However the matter is not ‘division or ask for and give’ but the need to have a more sustainably financial mechanism, he said.

Chairman of the city People’ Committee Nguyen Thanh Phong reported satisfactory conditions in the first five months this year with year on year increase in norms of agriculture, industry and service development and export and import turnover, creating a basic for budget revenue.

SGGP