Chairman of the Hanoi People's Committee Tran Sy Thanh on December 30 chaired the conference on closing work and finalizing the state budget for 2024.

At the conference, Director of the Department of Finance Nguyen Xuan Luu reported that as of 5:30 PM on December 30, 2024, the total state budget revenue for the city reached VND493,035 billion (approximately US$20.3 billion), achieving 120.7% of the estimated target, an increase of 20.1% compared to the same period last year. 

Overview of the event. 

Among this, revenue from import-export activities amounted to VND30,193 billion (around US$1.2 billion), achieving 111.8% of the target, up 24.3%; revenue from crude oil was VND4,756 billion (around US$193 million), reaching 158.5% of the target, a 5% increase; and domestic revenue totaled VND457,803 billion (about US$18.5 billion), reaching 120.9% of the target, an increase of 20%.

It is projected that the state budget revenue of the city by December 31, 2024, will exceed VND501,600 billion (about US$ 20.4 billion). This is the first time the city's budget revenue has surpassed VND500,000 billion (around US$ 20.3 billion).

The estimated local budget expenditure for Hanoi is VND105,458 billion (approximately US$4.3 billion), reaching 74.1% of the target, a 10.7% increase. Of this, investment expenditure is VND51,705 billion (about US$2.1 billion), reaching 67.1% of the adjusted target, increasing by 10.1%, and regular expenditure is VND53,689 billion (about US$2.2 billion), reaching 93.8% of the target, a 11.3% increase.

The projected total local budget expenditure for the year is VND127,000 billion (around US$5.1 billion), achieving 91.1% of the target. In 2025, the state budget revenue target for Hanoi is VND505,437 billion (approximately US$20.5 billion), with domestic revenue of VND473,900 billion (around US$19.2 billion), and the local budget expenditure target is VND165,990 billion (approximately US$6.7 billion).

To complete the 2025 budget revenue and expenditure targets, the city's financial agencies will work together closely to advise the city on the comprehensive and decisive implementation of the revenue and expenditure budget from the early months of the year, striving to meet and exceed the city's financial and budgetary targets.

Speaking at the meeting, Minister of Finance Nguyen Van Thang recognized that Hanoi is the second-largest revenue-generating locality in the country, accounting for about 23% of the total state budget revenue nationwide as of December 30, 2024 (with domestic revenue contributing about 27%). The completion of the budget revenue target has played a crucial role in achieving the national budget tasks, ensuring the funding for development investment, implementing social welfare policies, and reducing national budget deficits, and public debt. 

Chairman of the Hanoi People's Committee Tran Sy Thanh. 

The city's budget expenditure reached a satisfactory level, with a noticeable improvement in public investment disbursement, showing growth compared to 2023. "These positive results reflect the decisive leadership of the political system and the local government and the coordinated efforts of the city's financial agencies. On behalf of the Ministry of Finance, I congratulate the Hanoi Party Committee, People's Council, and People's Committee for successfully accomplishing the 2024 financial and budget tasks and contributing to the overall success of the national finance sector," said the minister of finance.

The minister also noted that the budget targets for 2025 will be challenging given the economic difficulties, urging the Hanoi authorities to fully implement the 2025 state budget plan approved by the National Assembly and assigned by the Prime Minister. This includes implementing key tasks and solutions under the socio-economic development plan and the 2025 budget to contribute to the achievement of the national budget tasks.

Additionally, Thang called for the effective implementation of laws passed by the National Assembly in 2024, such as Law No. 39/2024/QH14 on the amended Capital Law, Law No. 56/2024/QH14 on amendments to several laws (including the State Budget Law), and Law No. 58/2024/QH14 on public investment. The city should actively collaborate with the Ministry of Finance in drafting the Government's decrees to implement these laws, especially focusing on the distribution criteria for investment and regular expenditure, as well as addressing difficulties in investment project procedures to boost public investment disbursement, particularly for key projects like the Belt 4 project.

On behalf of the Hanoi leadership, Chairman of the People's Committee of Hanoi Tran Sy Thanh expressed gratitude for the evaluations and recognition from the minister of finance. He stated that in 2024, the city's budget management was flexible and innovative, ensuring optimal solutions for balancing resources to implement socio-economic development tasks and ensure regular expenditures, particularly for human resources and social welfare, achieving very positive results.

Chairman Thanh also praised the efforts and results of the Hanoi finance and banking sector in 2024, which significantly contributed to the capital's overall economic growth.

As for the key tasks ahead, Chairman Thanh requested that the city's financial agencies continue to build on the achievements of 2024 and develop specific plans to successfully carry out their missions. He also emphasized the need to closely follow the directions of the government, Prime Minister, Ministry of Finance, State Bank, and the Hanoi Party Committee, People's Council, and People's Committee in implementing financial-budget tasks, especially in terms of strengthening revenue management, restructuring revenue sources for sustainability, tightening discipline, and boosting public investment disbursement. He also emphasized the importance of thrift and anti-waste practices in financial management.

Thanking the support from the National Assembly, Government, Ministry of Finance, and other ministries in assisting Hanoi to overcome difficulties in the past time, Thanh confirmed that the city will continue to promote its tradition of solidarity and responsibility and strive to complete the tasks for 2025 with a new spirit and determination to rise in all areas, including finance and banking.