State budget collection tops VND1 quadrillion in 7 months
The total revenue to the State budget between January and July exceeded VND1.01 quadrillion (US$42.53 billion), equaling 62.7% of the yearly estimate and dropping by 7.8% from the same period last year.
According to the Ministry of Finance, of the 63 localities nationwide, eight saw annual increases in their collection revenue, while the 55 others recorded decreases.
Minister Ho Duc Phoc said due to objective reasons, some sources of revenue declined significantly, such as the environmental protection tax on gasoline and oil and revenue from houses and land, which went down by over 38% and 53% year-on-year, respectively.
The official noted the collection work has so far ensured progress to meet the 2023 estimate of more than VND1.62 quadrillion. However, difficulties are abundant for the remaining part of the year.
The ministry said the total State budget expenditure for the first seven months reached VND957 trillion, or 46.1% of the estimate, marking a 13.7% increase from the same period in 2022.