Hanoi's state budget revenue surpasses projections
Hanoi's state budget revenue surpasses projections
Amidst the global and domestic challenges of 2024, the capital's economy has maintained recovery momentum, exceeding key targets and achieving remarkable progress across multiple sectors.
Speaking at the 20th session of Hanoi Party Committee on December 4, Vice Chairman of Hanoi People's Committee Ha Minh Hai revealed an estimated state budget revenue of over $20.5 billion in 2024. This represents 120.5 per cent of the city's target and a 19.6 per cent increase compared to 2023.
"For the 2021-2024 period, Hanoi's state budget revenue is projected to exceed $62.5 billion, up almost 18 per cent from the plan and over 11 per cent above the city’s five-year financial strategy for 2021-2025. Local budget expenditures are estimated at $17.25 billion, achieving close to 89 per cent of the target and 67.5 per cent of the five-year plan," he added.
Discussing public investment, Hai highlighted that the planned investment budget for 2024 is $3.2 billion, more than 1.5 times higher than last year. As of November, disbursement reached $1.67 billion, accounting for 52 per cent of the plan. Hai acknowledged significant pressure to disburse the remaining 48 per cent in the final months of the year.
"To accelerate public investment disbursement in 2024, Hanoi People's Committee has directed all departments to focus on key tasks through January with maximum determination and effort to meet the highest possible disbursement targets," said Hai.
Looking ahead to 2025, Hanoi’s state budget revenue is projected at $21 billion, a 2.7 per cent increase over 2024 estimates, with domestic revenue expected to reach $19.75 billion. Local budget revenue is forecasted at $6.9 billion, while expenditures are estimated at the same, reflecting a 13.4 per cent rise from 2024 projections.
Hai also detailed the city-level budget allocation for 2025, projected at $4.46 billion, an 8.6 per cent increase over 2024. This includes more than $2.1 billion for development investment, up 5.8 per cent, and $1.48 billion for recurrent expenditures, up over 26 per cent.
"Cumulatively, Hanoi’s State budget revenue for 2021-2025 is forecast to exceed $76 billion, with domestic revenue contributing over $70 billion. Local budget revenue is projected at $27.5 billion, while expenditures are expected to total $27.6 billion," said Hai.
The vice chairman also updated adjustments to the city's five-year public investment plan for the period 2021-2025, aligning with the Public Investment Law and the progress and actual disbursement capacity of projects. "The revised five-year public investment plan amounts to $8.47 billion, consistent with the updated five-year financial strategy," he said.
The city plans a capital allocation of $3.63 billion for next year, in line with central government directives. This includes more than $2 billion for city-level projects and $1.52 billion for district-level investments, with $40 million allocated for urban areas from one-time land lease payments.
Hai emphasised that these adjustments ensure compliance with regulations while reflecting the city’s actual implementation and disbursement capabilities.
