Da Nang Party Committee Secretary Nguyen Van Quang chaired a meeting on Thursday morning to review the municipal revenue collection and budget spending in the first 5 months of 2021and identify tasks for the remaining months of the year.

Da Nang Party Committee Secretary Nguyen Van Quang delivers his address at the meeting on Thursday morning

The city Party chief stated that the city must develop its potential revenue scenarios for COVID-19 situations. Last year saw a low number of Vietnamese localities affected by the pandemic but the number of affected localities is much higher than around this time last year.

Mr Quang remarked that the city must ensure adequate financial resources and a balanced budget to help in prioritising tasks of controlling COVID-19 and boosting local socio-economic development.

Secretary Quang asked leaders of districts across the city to fufill their dual tasks of controlling the pandemic and achieving their revenue targets.

The city top leader also urged taxation and customs to increase the use of digital tools, step up administrative reform, simplify their procedures to save time and costs for businesses.

Deputy Secretary of the municipal Party Committee, Chairman of the municipal People's Council, Mr Luong Nguyen Minh Triet stated that the budget revenue must exceed its targets in line with Viet Nam’ National government’s Resolution No. 43-NQ/TW dated January 24, 2019 on the construction and development of Da Nang to 2030, with a vision to 2045.

Deputy Secretary of the municipal Party Committee, Chairman of the municipal People’s Council, Mr Luong Nguyen Minh Triet addressing the event

Da Nang People's Committee Chairman Le Trung Chinh said that the city has yielded positive results in budget collection in 2021 due to a restructuring of the city’s economy which is not dependent on the service industry with a higher proportion of industries and high-tech industries. Therefore, this year saw a significant rise in the budget revenue when compared to 2020.

Vice Chairman of the municipal People's Council Le Minh Trung, said that the city’s budget revenue will be able to achieve 104% of target if the city successfully manages the COVID-19 outbreak in late June or early July.

According to a report by the Department of Finance, as of May 26, the total budget revenue had been estimated at VND 21,772 billion, equivalent to about 45% of the estimates set by the municipal People’s Council. In which, taxes collected on imports and exports reached about 60% of the estimates, domestic revenue achieved nearly 42% of target.

It is estimated that the municipal budget revenue in the first 6 months of the year is able to achieve more than 50% of target.

The city’s budget revenue will be able to achieve 104% of target if the city successfully manages the COVID-19 outbreak in late June or early July. Meanwhile, the figure is able to reach about 101% of target if the outbreak is brought under control in the city in late third quarter of 2021. However, Da Nang will lose about 5% in its revenue compared to the set target if the pandemic is over in the city in late 2021.

Reporting by MAI QUE – Translating by H.L