State budget collection rises 12.7 percent in first two months

ABO/VNA – Total revenue of the State budget reached 215.76 trillion VND (9.47 billion USD) in the first two months of 2018, equivalent to 16.1 percent of the yearly estimate and up 12.7 percent year-on-year, said the Ministry of Finance.

Total revenue of the State budget reached 215.76 trillion VND (9.47 billion USD) in the first two months of 2018, equivalent to 16.1 percent of the yearly estimate and up 12.7 percent year-on-year (Illustrative photo: VNA)

Domestic revenue, estimated at 179.4 trillion VND, rose by 12.9 percent from the same period last year. The figure was equal to 16.3 percent of the estimate.

Meanwhile, revenue from crude oil surged 28.2 percent year on year to 9.1 trillion VND, accounting for 25.4 percent of the estimate. Import-export activities brought in 41.7 trillion VND, close to last year’s figure.

In the same period, State budget spending was at 177.7 trillion VND, equal to 11.7 percent of the yearly estimate and up 2 percent annually.

Government bonds worth 29.38 trillion VND were issued as of the end of February, ensuring supply for spending and debt payment.

The Finance Ministry is set to work with relevant agencies to step up budget collection management, the fight against trafficking, trade fraud and transfer pricing, along with accelerating the collection of overdue tax in the coming time.

It will also continue the project on public investment restructuring in 2017-2020, with a view to 2025 and approve the 2018 capital planning on the treasury and budget management information system (TABMIS).

(Source: VNA)