Vietnam government revenues rise despite weak oil prices
Despite a steep decline in earnings from crude oil exports, the government’s revenues increased 7% year-on-year to VND618.14 trillion (US$27.19 billion) in January-August, the finance ministry has reported.
It attributed this to recent adjustments in tax policies that increased tax payments by 16.5% to VND459.45 trillion (US$20.21 billion).
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Government revenues remain buoyant despite the oil price slump thanks to increased tax income. Photo: Ngoc Thang
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Crude oil, traditionally a major revenue source, has fetched just VND47.1 trillion (US$2.07 billion) this year, a 34.1% fall, though the government recently reported an 8.7% year-on-year rise in output.
Vietnam produced 12.3 million tons as of August.
In its latest report, the finance ministry also said the government’s spending increased by 8.2% this year to VND733.3 trillion (US$32.25 billion).