State budget revenue surpasses target, rises 17.4% y-o-y

The 11-month state budget revenue is estimated at nearly VND1.64 quadrillion (US$67 billion), equivalent to 116.1% of the target and up 17.4% from a year earlier, the Ministry of Finance (MoF) announced on December 1.

In particular, the central budget collection was equivalent to 114.9% and the local budget collection 117.4% of the respective targets.

The MoF attributed this to sustained economic recovery and growth as seen in the nine-month GDP expansion of 8.83%, along with retail sales up 17.5%, the index of industrial production up 8.6%, exports up 13.4%, and trade surplus at US$10.6 billion in 11 months.

Price hikes in oil, some commodities, and input materials have also contributed to an increase in the collection from crude oil and foreign trade. Taxation and customs agencies have also enhanced tax management.

As of November, the state budget spending stood at almost VND1.36 quadrillion, equivalent to 76.2% of the target and rising 7.1% year on year.

The MoF said budget spending tasks were carried out as planned, meeting the demand for socio-economic development, defence and security safeguarding, state management, repayment of debts, settlement of natural disaster and disease outbreak consequences, and social security ensuring.