Budget revenue meets 80.2% of the year's estimate during Jan-Oct

Vietnam’s total budget revenue reached VND972.6 trillion (US$42.8 billion) in the first ten months of 2017, equivalent to 80.2% of the year’s estimate and up 13.8% compared to the same period last year, announced the Finance Ministry (MOF) on November 10.

Illustrative Image (Photo: Thai Thien).

Domestic revenue during the period was at VND776.8 trillion (US$34.18 billion), making up 78.4% of the estimate, an increase of 12.7% year on year. Of the figure, collection from production and business activities was estimated at VND605.7 trillion (US$26.65 billion), equal to 77.4% of the estimate, up 10.1% over the same period in 2016.

Revenue from crude oil was at VND37.86 trillion (US$1.66 billion), equal to 98.8% of the estimate, up 16.1% annually, whilst collection from import-export activities reached VND237 trillion (US$10.42 billion).

According to the MOF, between January and October, about 47 of 63 provinces had their budget revenue exceed 81% of the year’s estimate; 58 of the 63 localities collected more than the same period of last year; and five provinces recorded lower revenue compared to 2016, mainly due to objective reasons.

The government spending in ten months was estimated at VND1.01 quadrillion (US$44.57 billion), accounting for 72.9% of the year’s estimate, up 7.1% over the same period in 2016, making the central budget deficit during the period at roughly 69.6% of the estimate. Local budget balances witnessed a difference as revenue was greater than expenditure.

In the remaining months of 2017, the MOF said that it will continue to work with relevant agencies to strengthen collection management, prevent loss of revenue, and combat trafficking, trade fraud and price action. The ministry will also focus on handling and recovering tax arrears, striving to exceed the State budget revenue estimate set for 2017 at the highest level.

Continuous efforts will be made by the MOF to closely control public debt and restructure the list of public debts in orientation towards sustainability. In addition, the ministry will negotiate and accelerate the progress of signing and disbursing foreign loans as planned, whilst closely following the development of the world’s petrol and oil prices in service of the regulation of petrol prices in line with current regulations.

(Source: NDO)