70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
State budget collection reaches US$17.52 billion in Q1
Ngoc Thuy 20:16, 2021/04/09
Vietnam recorded a trade surplus of US$2.67 billion during the period.

Vietnam’s state budget collection in the first quarter of this year stood at VND403.7 trillion (US$17.52 billion), up 0.3% year-on-year and equivalent to 30.1% of the yearly estimate, according to the Ministry of Finance (MoF).

 Domestic revenue made up a lion’s share in total budget collection. Photo: Kinhtedothi

Upon breaking down, domestic revenue made up a lion’s share of the total at VND340.2 trillion (US$14.7 billion), up 1.2% year-on-year or 30% of the estimate. The MoF noted 57 out of 63 provinces/cities fulfilled tax collection targets as scheduled, or over 25% of the estimate.

Meanwhile, state budget expenditures during the January – March period hit VND342 trillion (US$14.84 billion), representing a slight increase of 0.2% year-on-year, or 20.3% of the estimate.

This resulted in the budget surplus of VND61.7 trillion (US$2.67 billion) during the period.

In 2021, the MoF estimated the budget revenue around VND1,343 trillion (US$58 billion) and expenditure VND1,687 trillion (US$72.78 billion). 

Fitch Solutions, a subsidiary of Fitch Group, however expected the country’s fiscal deficit to be narrowed to 3.7% of the GDP.

Such forecast “factors in both a stronger revenue and expenditure outlook against the government’s projections supported by more robust economic activity in 2021 against 2020,” stated Fitch Solutions.

According to Fitch Solution, Vietnam’s budget revenue could rise to VND1,580 trillion (US$68.6 billion), thanks to a continued recovery in economic activity, while expenditure is set to hit VND1,840 trillion (US$79.88 billion).

“A recovery in revenue collection will facilitate looser spending by the government. Capital expenditure disbursement is likely to be quicker in 2021,” Fitch Solutions noted.

RELATED NEWS
TAG: Vietnam state budget covid-19 first quarter budget revenue expenditure
Other news
14:12, 2024/03/23
Finance ministry clears bottlenecks to pave way for stock market upgrade
One of the key measures is to allow securities companies with sufficient capacity to provide services without requiring foreign investors to have 100% of the funds before placing purchase orders for securities.
22:20, 2024/03/20
Over 60% of Vietnamese use QR codes to pay
Vietnam also leads Southeast Asia in terms of new e-wallet users.
20:39, 2024/03/18
Casinos contribute US$370 million to state budget over 5 years
The number of Vietnamese gamblers is falling.
08:22, 2024/03/13
Standard Chartered and IATA partner to launch IATA Pay in Vietnam
IATA Pay in Vietnam is powered by Standard Chartered’s Straight2Bank Pay.
17:50, 2024/03/07
Vietnam’s capital market shows positive signs: Finance Ministry
The government is planning to set up a capital trading platform for innovative start-ups.
14:29, 2024/03/06
Prime Minister urges banks to cut lending rates further
The Government leader has called for the publication of average lending rates to allow individuals and businesses to choose their banks.