Budget revenue hits 70% of target

The information was released by the Ministry of Finance (MoF) during a conference held in Hanoi on October 11.

The finance ministry said direct revenues from production and business activities were low due to reductions in contributions from some major manufacturing sectors such as crude oil and gas, automobiles, mobile phones, and cigarettes.

Of the total, VND663.7 trillion came from domestic tax collections, up 11.4% year-on-year and representing 67% of the yearly target, the MoF said.

The MoF attributed the rise in total domestic revenue to higher indirect revenues, such as tax payments from housing and land (up 24.2%), personal income tax (up 21.1%), charges and fees (up 51.3%), and income from lottery activities (up 12.4%).

Forty-three out of the 63 localities nationwide collected over 72% of the estimates and 58 reported higher budget collection than the same period last year.

Budget revenues from crude oil climbed 15% year-on-year to reach VND34 trillion, hitting 88.9% of the annual target.

Meanwhile, revenues from import and export activities reached VND214 trillion, equivalent to 75.1% of the annual target, and up 10.5% year-on-year.

Total State budget expenditure in the nine months stood at VND904.6 trillion, or 65.1% of the year’s estimates, the ministry said.

Of the estimate, budget investment for development was VND166.6 trillion, an increase of 4.1% year-on-year and accounting for 46.6% of the yearly plan.

Regular expenditures over eight months were estimated at nearly VND660 trillion, equaling 73.6% of the year’s estimate, up 7% over the same period last year.

Payments for debts and aid totalled VND75.35 trillion in the period, meeting 76.2% of the annual estimate.