Hanoi Posts 2004 State Budget Revenues up 11 per cent at US$1.5Bln

Hanoi Posts 2004 State Budget Revenues up 11 per cent at US$1.5Bln

Vietnam's capital of Hanoi collected around VND24 trillion (US$1.53 billion) from taxes and other fees to the city's state budget in 2004, up 11 per cent on-year and exceeding 7 per cent target it previously set for the whole year.

Tax collection from the foreign-invested sector increased the most, followed by proceeds from taxes and fees from house-land transactions. Details were however not announced.

According to Hanoi’s Planning & Investment Service, the city last year licensed 68 foreign-invested projects with total registered capital of US$130.4 million, of which US$51.6 million was disbursed.

The municipal People's Council has approved a target to collect VND28.4 trillion (US$1.8 billion) for the city’s state budget in 2005 and total spending of VND8.2 trillion (US$522.3 million).

Hanoi, with over three million in population, is the second largest city in Vietnam with around 26,000 enterprises, including around 700 State-owned firms. It reached an economic growth of 11.12 per cent last year.

• (New Hanoi)