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.

TAG: Vietnam state budget covid-19 first quarter budget revenue expenditure
Other news
12:00, 2023/00/22
Hanoi eyes comprehensive development in 2023: Mayor
In 2023, the city is determined to successfully implement its yearly socio-economic goals and realize part of the 2021-2025 key development tasks.
16:54, 2023/54/18
EU, Germany fund to enhance public financial management in Vietnam
A robust public finance management system will enable Vietnam to achieve its long-term socio-economic growth.
13:56, 2023/56/17
Vietnam proposed 30% cut in land lease in 2023
Last year, a similar cut caused the state to miss out on VND3.5 trillion (US$150 million) in revenues.
14:58, 2023/58/14
Vietnam's foreign reserves to return to US$100-billion mark by year-end
During the first 10 months of 2022, the State Bank of Vietnam (SBV) was forced to sell an estimated 20% of total foreign exchange reserves to stabilize the exchange rate.
11:03, 2023/03/07
Vietnam’s 2023 GDP growth forecast at 7.2%: Standard Chartered
The forecast comes from the country's solid growth of 8% in 2022.
21:25, 2023/25/05
Gold of high interest for Vietnamese investors to combat inflation
As many as 73% of Vietnamese investors still believe in digital assets, despite market turbulence in 2023.