Vietnam recorded a state budget surplus of VND88.3 trillion (US$3.81 billion) in the year to November 15, 2019, indicating a significant improvement from a budget surplus of VND10 trillion (US$432.36 million) in the same period of last year, according to the General Statistics Office (GSO). 

Illustrative photo.

As of November 15, the budget revenue collection reached VND1,299.4 trillion (US$56.18 billion), equivalent to 92.1% of the year's estimate.  

Upon breaking down, domestic revenue during the period stood at VND1,051.2 trillion (US$45.45 billion), equivalent to 89.6% of the year's estimate. Of the sum, the state sector contributed VND142.5 trillion (US$6.16 billion), or 80.2% of the year's estimate, the FDI sector VND178.3 trillion (US$7.7 billion), meeting 83.4% of the plan. 

Moreover, VND204.7 trillion (US$8.85 billion) was collected from non-state industrial, commercial and service taxes, equaling 84.8% of the plan, and VND50.8 trillion (US$2.2 billion) from tax on environmental protection or 73.6%. 

Revenue from import-export activities hit VND194.5 trillion (US$8.4 billion), up 2.8% against the year's estimate, and that from crude oil exports totaled VND49.5 trillion (US$2.14 billion), up 11.1%.

Additionally, personal income tax contributed VND97.8 trillion (US$4.22 billion) to the state budget or 86.4% of the year's estimate, and land use rights VND115.3 trillion (US$4.98 billion), 28.1% above the plan.

Meanwhile, state budget expenditures as of November 15 totaled VND1,211.1 (US$52.36 billion), equivalent to 74.1% of the year's plan. Of the total, regular spending reached VND858.4 trillion (US$37.11 billion) or 85.9% of the plan. Capital expenditure reached VND228.9 trillion (US$9.89 billion) or 53.5%, and interest payment, VND93.4 trillion (US$4.03 billion) or 74.8%. 

“State budget revenue collection progressed as planned, while the expenditure has timely met demand for development, debt payment, national security, social welfare and operation of the government,” stated the GSO. 

In 2018, the country's state budget revenue was 7.8% higher than the estimate and the budget deficit was kept at VND191.5 trillion (US$8.18 billion), equivalent to 3.46% of the GDP - lower than the estimate of 3.7% of GDP.