Vietnam overspends US$257.45 million in 8 months
State budget revenues as of August 15 reached VND814.2 trillion (US$34.93 billion), equivalent to 61.7% of the year`s estimate.
Vietnam saw a budget deficit of VND6 trillion (US$257.45 billion) from the beginning of the year to August 15, an improvement from a deficit of VND35.9 trillion (US$1.54 billion) recorded 15 days earlier, according to the General Statistics Office (GSO).
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Of the total, collections from domestic taxes and fees in the period stood at VND649 trillion (US$27.84 billion) or 59% of the year's estimate, of which, the state sector contributed VND90.2 trillion (US$3.87 billion) or 54.2% of the year's plan, the FDI sector VND109.6 trillion (US$4.7 billion) (excluding crude oil) or 49.2%.
Revenue from trade jumped to VND125.2 trillion (US$5.37 billion) or 70% of the estimate, and that from crude oil exports totaled VND37.7 trillion (US$1.61 billion) or 105.1%.
Additionally, personal income tax contributed VND59.9 trillion (US$2.57 billion) to the state budget or 61.9% of the year's estimate, and land use rights VND74.4 trillion (US$3.19 billion) or 86.6%.
Meanwhile, Vietnam's state budget expenditures as of August 15 totaled VND820.2 trillion (US$35.2 billion), equivalent to 53.8% of the year's plan. Of the total, regular spending reached VND573 trillion (US$24.59 billion) or 60.9%. Expenditure for development investment reached VND166.3 trillion (US$7.13 billion) or 41.6% and interest payment of VND71.9 trillion (US$3.08 billion) or 63.9%.
This year is considered as an important transitional year, following the elimination of tariff barriers for commodities imported from ASEAN countries, of which over 90% of the goods under the ASEAN trade agreement (ATIGA) will bear zero tariff. A large amount of tax reductions are applied to items with high tax revenues such as cars (from 30% to 0%), components and spare parts (from 5% and 20% to 0%), steel (5% to 0%), among others.
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