Revenue from crude oil falls sharply in Jan
The total state budget revenue in January was 95% of the revenue year-on-year due to about 66% fall in crude oil revenue, the finance ministry said.
The ministry said the total budget revenue last month stood at VND102.6 trillion (US$4.66 billion), or 10.1% of the expected revenue and 95% of the revenue in January 2015.
The revenue from the domestic market gained a year-on-year increase of 5.8% to touch VND93 trillion (US$4.23 billion), because the revenue from major economic sectors increased, with the private industrial and trade sector revenue rising 14.2%, the foreign-invested enterprise sector revenue increasing 13.7%; and the individual income tax revenue jumping by 20%.
However, the ministry said the budget revenue from crude oil fell by 65.7% year-on-year to reach VND3.2 trillion (US$145.5 million) in January.
The reduction was due to the slump in the average crude oil price in Vietnam by US$22 to reach US$38 per barrel, as against expected calculations following the fall in world crude oil prices, the ministry said.
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The ministry said the value of key exports fell, reducing the income from exports. The value of completely built-up auto exports plunged by 55.9%, of steel exports by 20.9% and of equipment and component exports by 4.8%.
Meanwhile, the expenditure revenue reached VND107.86 trillion (US$4.9 billion), the ministry said, leading to a budget deficit of VND5.26 trillion (US$240 million) in January.
