Vietnam Economy Raising budget retention rate for HCMC necessary: Central Economic Commission The Saigon Times Saturday, Jul 11, 2020,13:22 (GMT+7) Raising budget retention rate for HCMC necessary: Central Economic Commission The Saigon Times Road users are stuck in a heavy traffic jam in HCMC. The low budget retention rate has led to the city suffering from a lack of resources to overcome challenges, including the underdeveloped transport infrastructure – PHOTO: THANH HOA HCMC – At a meeting with the city’s leaders on July 10, Nguyen Van Binh, head of the Central Economic Commission, underscored the need to raise HCMC’s budget retention rate. According to HCMC Party Committee Secretary Nguyen Thien Nhan, while the city’s contribution to the state budget has been continuously increasing, its budget retention rate has dropped sharply over the past 20 years, from 33% between 2000 and 2003 to 23% in the 2011-2016 period and 18% from 2017 until now. “The low budget retention rate has affected HCMC’s budget, with the city suffering from a lack of resources to overcome challenges, grow fast and sustainably as well as realize development goals,” Nhan noted. Therefore, the city expects that its budget retention rate will be increased to boost economic growth and contribute… Read full this story
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