Seven-month State budget collection up 13.4%

Revenue to the State budget totaled VND775 trillion (over US$32.2 billion) in the first seven months of this year, equivalent to 58.7% of the yearly estimate and up 13.4% year-on-year, said the Ministry of Finance on August 7.

seven-month state budget collection up 13.4% hinh 0
Illustrative image (Source: VNA)
Domestic revenue is estimated at VND621.5 trillion (nearly US$26.9 billion), an increase of 14.3% from the same period last year. The figure was equal to 56.5% of the projection for the whole year.

Revenue from crude oil surged 34.3% year on year to VND35.4 trillion (over US$1.5 billion), accounting for 98.5% of the yearly projection, while import-export activities brought in VND172.5 trillion (over US$7.4 billion), representing a year-on-year rise of 3.4%.

The export-import activities in the period under review maintained stable growth, with total value up 12.7% against the same period last year.

According to the ministry, State budget spending was at VND759.7 trillion (over US$32.6 billion), equal to 49.9% of the yearly projection and up 9.8% compared to the same period last year.

Of this, development investment spending, debt payment, and regular spending  were VND150.45 trillion ( nearly US$6.46 billion), VND68.8 trillion (US$2.95 billion), and VND534 trillion (US$22.9 billion), up 26%, 10.4%, and 5.1% compared to the figures of the same period last  year, respectively.

The ministry said tax authorities have carried out over 30,000 inspections and collected nearly VND5.8 trillion (nearly US$249 million) for the State budget. They also worked to prevent transfer pricing and reduce losses with a total value of over VND9 trillion (US$386.3 million) and retrieved VND18 trillion (US$772.6 million) in tax debt.

In addition, customs agencies have conducted 4.400 post-clearance inspections, collecting VND1.48 trillion (US$63.5 million) for the State budget.

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