Vietnam posts budget deficit of VND25.47 trillion in first two months

Government spending outstripped revenues by VND25.47 trillion (US$1.15 billion) in the first two months of 2016, equivalent to 10% of the year’s estimate.

Photo for Illustration (Pho to: Thai Thien)

According to the Ministry of Finance, combined revenues in January and February reached 160.1 trillion (US$7.2 billion), up 2.4% over the same period last year, with inland revenues posting an increase of 12.8%.

Meanwhile, crude oil receipts declined by 56.9% to VND5.77 trillion (US$259.65 million). Revenues from export-import activity also dropped by 17.6% during the same period.

On the spending site, expenditure during the two-month period rose 5.2% to VND185.59 trillion (US$8.35 billion).

A breakdown shows spending for repaying debt rose 4.2%, spending for investment and development up 5.8% and administrative costs up 5.1%.

As of February 29, capital raised from issuing government bonds reached VND39.1 trillion (US$1.76 billion), equivalent to 17.8% of the finance ministry’s target for the entire year.

(Source: NDO)