According to the Department of Finance of Lao Cai province, domestic revenue in the first 8 months of 2024 reached 5,852 billion VND, equal to 72% of the central budget estimate, equal to 55.7% of the provincial budget estimate, equal to 149.2% of the same period in 2023.
Of which, revenue from import and export reached 828 billion VND, equal to 76.9% of the central budget, 35.1% of the provincial budget, and 140.3% of the same period in 2023.
Taxes, fees and other revenues reached VND 4,296 billion, equal to 76.6% of the central budget estimate, 59.7% of the provincial budget estimate, and 121.2% of the same period in 2023.
Land use fee collection alone reached 1,556 billion VND, equal to 61.7% of the central budget, 47.1% of the provincial budget, and 413.3% of the same period.
Lao Cai Provincial Department of Finance assessed that land revenue is an important resource allocated to invest in infrastructure construction, creating momentum for socio-economic development. However, in recent years, land use fee collection in the area has encountered many difficulties, especially the slow progress of land auctions.
The main reason is that the real estate market is sluggish. There are projects, land lots/land funds that have been announced for auction many times but no one participates, leading to low revenue.
In the last 4 months of the year, departments, branches, districts, Sa Pa town and cities in Lao Cai are focusing on synchronously implementing solutions to promptly and effectively exploit land revenue, associated with the implementation of financial and state budget tasks, striving to collect land use fees at the highest level of the assigned estimate.
