H1 state budget revenue reaches 54% of yearly target: MoF

The taxes, fees, charges, and land rent entitled to exemption, reduction and payment deadline extension was valued at about VND70.3 trillion.

Meanwhile, about VND804.6 trillion from the state budget was spent during the period, equivalent to 38.8% of the year’s target. In particular, spending on development investment increased from a year earlier, reaching 30.49% of the disbursement target set by the Prime Minister, compared to the 27.75% in the same period last year, statistics show.

During H1, financial and state budgetary tasks were carried out amid the context that the economy had to concurrently address post-pandemic issues and deal with numerous new difficulties and challenges posed by the international and domestic situations, the MoF told an online conference on July 13.

Adverse factors impacted the performance of socio-economic development and budgetary tasks, it said, noting that businesses had to struggle with difficulties, including shrunken markets, a shortage of orders, limited credit access, soaring capital costs, and lower-than-expected economic growth.

However, thanks to the entire political system’s engagement, the financial sector has fully carried out financial and budgetary solutions since the start of 2023. It proactively governed the fiscal policy to support socio-economic recovery and development, made strong moves to ensure budget collection, kept the overspending and public debts within the permissible levels, controlled prices and the market, and enhanced financial discipline, the MoF went on.

It also proposed the National Assembly, the Government, and the Prime Minister issue policies on the exemption, reduction, and extension of payment deadlines of taxes, fees, charges, and land rent worth about VND200 trillion for 2023.

The ministry also suggested solutions to bottlenecks facing public investment disbursement and national target programmes.