A view of the HCM City skyline. The city’s revenue collection in the first 11 months has been impressive despite challenges. — Photo tripsavvy.com HCM CITY — The chairman of the HCM City People’s Committee has said it will be hard to meet revenue targets unless the legal problems faced by the construction industry are settled quickly. Speaking at a meeting with the Ministry of Finance on Tuesday in the city, chairman Nguyễn Thành Phong said this year the city targets economic growth of 8.5 per cent, with the services sector accounting for more than 60 per cent of the US$60 billion economy. The construction industry, which has a great influence on the budget revenues, achieved only 1.04 per cent growth this year, he said. The biggest difficulty facing the industry today is the postponement of a great number of housing projects, and this would have a big impact on budget revenues, he said. The Government Inspectorate has said 124 projects have stalled due to problems related to legal procedures, he said. The real estate market has been in a slump for the last two years, with property transactions significantly declining, he said. Many housing projects have been delayed for a very long… Read full this story
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