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Home / Economy / Banking & Finance
Vietnam state budget revenue up 13.8% in 8 months
Nguyen Tung 07:03, 2018/09/09
Vietnam recorded budget overspending of VND1.7 trillion (US$72.69 million) by the end of August, compared to a year-to-date deficit of VND6 trillion (US$257.45 billion) recorded 15 days earlier.
Vietnam collected VND84 trillion (US$3.58 billion) in August for the state budget, accumulating a total of VND871.8 trillion (US$37.24 billion) in the first eight months, equivalent to 66.1% of the year's estimate and up 13.8% year-on-year, stated the Ministry of Finance. 
 
Illustrative photo.
Illustrative photo.
Of the total, collections from domestic taxes and fees in August reached VND62.5 trillion (US$2.67 billion), down VND31 trillion (US$1.32 billion) against the previous month. 

This resulted in a total of VND695.8 trillion (US$29.72 billion) in the January - August period, equivalent to 63.3% of the estimate and up 14.8% year-on-year. There were 44 out of 63 provinces with domestic revenue equivalent to the estimate of over 67% and 60 out of 63 provinces with higher revenue year-on-year. 

Revenue from crude oil in August stood at VND5.3 trillion (US$226.43 million), totaling VND40.9 trillion (US$1.74 billion), or 113.9% of the year's estimate and up 35.1% year-on-year, while revenue from trade jumped to VND25.8 trillion (US$1.10 billion), bringing the eight-month value to VND199.7 trillion (US$8.53 billion), or 70.6% of the estimate and up 4% year-on-year. 

Meanwhile, Vietnam's state budget expenditures in August hit VND113.8 trillion (US$4.86 billion), reaching a total of VND873.5 trillion (US$37.31 billion) in the first eight months, equivalent to 57.3% of the estimate, up 10.2% year-on-year.

This led to budget overspending of VND1.7 trillion (US$72.69 million) from the beginning of the year to the end of August, a significant improvement from a deficit of VND6 trillion (US$257.45 billion) recorded 15 days earlier. 

As of August 27, regular spending reached VND484 trillion (US$20.67 billion), equivalent to 56.12% of the estimate. Expenditure for development investment stood at VND176.83 trillion (US$7.55 billion) in eight months, equivalent to 44.24% or the target set by the National Assembly and 45.57% set by the government.

During the January - August period, the government's payables were posted at VND152.71 trillion (US$6.52 billion), of which foreign and domestic debts were VND122.8 trillion (US$5.24 billion) and VND29.91 trillion (US$1.27 billion), respectively. 
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