The HCMC People’s Council earlier passed a resolution on a fiscal plan for this year. The city’s budget revenue target is VND347.8 trillion (US$15.3 billion), 15.8% higher than the 2016 estimate. In particular, domestic revenues will contribute nearly VND226.5 trillion, import-export tariffs VND109 trillion and crude oil VND12.4 trillion.

 

Meanwhile, budget expenditures are projected at VND70.64 trillion (US$3.1 billion), with VND25.16 trillion for development investment, VND34.2 trillion for regular expenses, VND1.5 trillion for interest payments, VND11.4 billion for additional reserves, VND2.4 trillion for budget reserves and VND7.37 trillion for additional spending.

 

The Lunar New Year holiday (Tet) fell in January this year but the city’s budget collections still grew 9.6% over the same period last year to VND33 trillion. Phong said this omens a good start for the whole year.

 

He required departments and agencies to roll up their sleeves immediately after Tet to promote production, trading, investment and construction activities, and create favorable conditions for firms.

 

In addition, department heads are disallowed to attend festivals without prior permission. Officials and civil servants are also forbidden from this during working hours and from using public vehicles for this purpose, except for official duty.

 

City authorities will have to ensure the implementation pace of key projects, especially those for reducing traffic congestion and flooding, and accelerate capital disbursements for this year’s approved projects.

 

If those agencies and investors disburse less than 50% by late July, their heads would be held accountable.