ex. Game, Music, Video, Photography

HCMC warns proposed budget cuts could have 'dire consequences'

The city currently retains just 23 percent of its annual income, but the central government wants more.

Ngày đăng: 15 tháng 9, 2021
Cập nhật: 9 tháng 6, 2022
Lượt xem: 315376505
Nguồn: vnexpress

Ho Chi Minh City officials have opposed a central government request for more of the city's income, citing the pressing need for better infrastructure.

A recent government request proposed leaving the city with just 17 percent of its annual income between 2017 and 2020 -- a six percentage point drop in what it currently holds.

During a meeting on Saturday, HCMC officials said they're already struggling to address major infrastructure problems like traffic and flooding and cannot afford to lose further revenue.

Municipal leaders have asked to retain at least 21 percent of the city's annual income.

Dinh La Thang, HCMC’s Party secretary, said a project to prevent flooding during heavy rains or high tides in the city, for example, will cost around VND97 trillion ($4.35 billion).

“We don’t know where to find that money yet,” he said.

While the city streets best known for their choked motorbike traffic, the skies overhead have likewise become overloaded, he said. Tan Son Nhat Airport has an annual design capacity of 25 million passengers and is expected to receive 32 million in 2016.

Ho Chi Minh City, the country’s largest metropolitan area, is among 20 percent of cities and provinces in Vietnam that can cover their own expenditures and contribute to the national coffers. The city took in nearly $12 billion, last year, as the country's largest moneymaker.

Nguyen Thi Quyet Tam, Ho Chi Minh City's deputy Party secretary, said they've already cut spending to the bone and would struggle with less money.

“We cannot make further cuts,” she said during the meeting adding that further cuts would compromise investments in infrastructure and social security, leading to dire consequences.

The city currently has around 12 million residents, including migrants. Every year, thousands of students flock here to attend university from across the country.

Tam described the proposed cuts as too abrupt for the city to handle.

Vietnam’s government has flaunted its own borrowing limits, in recent years.

Figures released in June showed a state budget deficit of more than VND260.14 trillion ($11.5 billion) in 2014a figure equitvalent to 6.61 percent of the country’s gross domestic product that year. In 2013, the country's legislators set a 5.3 percent cap on debt, but the deficit amounted to roughly VND236.76 trillion, or 6.6 percent of GDP.

The country’s accumulated public debt is forecast to rise to 63.8 percent of GDP at the end of this year, and then 64.7 percent in 2018, according to the World Bank’s projections.

The country's legislature have capped accumulated debt at 65 percent.

Related news:

Can Japanese anti-flood strategy keep Ho Chi Minh City dry?

Ho Chi Minh City proposes new metro line worth $1.84 billion


Từ vựng liên quan

Tin tức liên quan

Close shave with death: wall collapse survivors still in shock
news 21/09/2021

Close shave with death: wall collapse survivors still in shock

news | 331826500

Workers who barely escaped Friday’s deadly wall collapse in southern Vietnam have yet to pull themselves together.

 HCMC schools prepare to welcome back over 600,000 students
news 04/01/2022

HCMC schools prepare to welcome back over 600,000 students

news | 363866506

HCMC schools have increased staff and medical supplies as around 680,000 students of grades 7, 8, 10, and 11 prepare to resume in-person classes after New Year holiday.

 UK coronavirus variant may cause earlier lung damage among Vietnam patients
news 24/03/2021

UK coronavirus variant may cause earlier lung damage among Vietnam patients

news | 74626548

The U.K. coronavirus variant seems to be causing lung damage faster than previous strains, according to preliminary patient reports in northern Hai Duong Province.

 Amazon files new legal challenges in dispute with Future Group
world 10/01/2022

Amazon files new legal challenges in dispute with Future Group

world | 364556502

Amazon.com Inc has filed fresh legal challenges in its long-running dispute with Indian retailer Future Group after the national antitrust agency suspended a 2019 deal.

 European firms strive to maintain operations in Vietnam
business 05/10/2021

European firms strive to maintain operations in Vietnam

economy | 342986502

Eurocham members said they are ensuring their workplaces are safe amid the continuing threat of Covid-19 and that they are optimistic about their future in Vietnam.

 Vietnamese, Cambodian men found dead in Thailand detention room
news 29/03/2021

Vietnamese, Cambodian men found dead in Thailand detention room

news | 154696542

Two men, a Vietnamese and a Cambodian, were found dead in a Bangkok detention room by a fellow detainee early Wednesday morning.

 Vietnamese rock band pioneer wins Billboard kudos
life 23/05/2021

Vietnamese rock band pioneer wins Billboard kudos

culture | 210036529

U.S. entertainment website Billboard has lavished praise on Buc Tuong (The Wall) in a recent article, calling them "the band that led generations to rock music in Vietnam."

  Vietnam reaps tourism gains from SEA Games
travel 26/05/2022

Vietnam reaps tourism gains from SEA Games

travel | 388756503

Vietnam's cuisine and landscapes left a lasting impression on hundreds of thousands of tourists that flocked to northern provinces during two weeks of the 31st SEA Games.

  Hanoi influenza A outbreak infects hundreds at industrial complex
news 20/07/2022

Hanoi influenza A outbreak infects hundreds at industrial complex

news | 399516499

An influenza A outbreak at a Hanoi industrial complex has seen more than 100 people infected in a fortnight, some so badly that they've had to be put on ventilators.

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý
Loading…