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
Flexible state budget management for national sustainable finance: Minister
Hai Yen 22:07, 2021/05/19
The finance ministry would allocate VND3 trillion (US$130 million) from the state budget for the Covid-19 fight.

The Ministry of Finance (MoF) would manage the state budget in a flexible manner during the Covid-19 pandemic to ensure national sustainable finance.

Minister of Finance Ho Duc Phoc made the statement at a recent meeting discussing state budget management.

 Overview of the meeting. 

In the first four months of 2021, Vietnam’s budget revenue stood at VND543.4 trillion (US$23.6 billion), equivalent to 40.5% of the yearly estimate. Of the total, domestic revenue made up a lion’s share of VND456.3 trillion (US$19.8 billion), followed by customs revenue of VND74.5 trillion (US$3.23 billion), and crude oil revenue of VND12 trillion (US$521 million).

Meanwhile, budget expenditure during the period was estimated at VND463.7 trillion (US$20.1 billion), including capital expenditure of VND86 trillion (US$3.73 billion), regular spending of VND338.1 trillion (US$14.67 billion), and debt payment of VND38.8 trillion (US$1.68 billion).

Minister Phoc called for greater efforts in realizing priorities in the coming time, including the completion of a development strategy for the financial sector in the 2021-2030 period; development strategy for State Treasury and customs; and finalizing legal framework to lay the foundation for further economic development.

Regarding the General Department of Taxation, Phoc requested the agency to focus on budget collection and preventing transfer pricing, while drafting regulations on tax collection on digital platform and issuing e-invoices.

The General Department of Vietnam Customs is tasked with tightening management of customs clearance procedures to fight off smuggling and trade frauds.

A report from the MoF revealed an allocation of VND3 trillion (US$130 million) for the Covid-19 fight, including the provision of an addition of VND1.74 trillion (US$75.6 million) for purchasing vaccines and medical equipment to contain the pandemic.

“Amid serious Covid-19 condition, the MoF would ensure sufficient fund for the fight against the pandemic,” stated Phoc.

TAG: Ministry of Finance covid-19 budget collection revenue domestic crude oil
Other news
15:12, 2024/04/04
Vietnam's Central Bank ready to steady foreign exchange market
With more than $100 billion in foreign exchange reserves, the State Bank of Vietnam (SBV) is ready to intervene to stabilize the exchange rate as needed.
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.