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.