Vietnam’s budget revenue during the first nine months of 2022 stood at VND1,330 trillion (US$55.7 billion), up 22% year on year, and equivalent to 94% of the year’s estimate.

Vietnam's budget revenue in nine months equals 94% of the year's estimate. File photo

The Ministry of Finance (MoF) revealed the figures at a press conference on September 29.

Upon breaking down, domestic revenue rose by 18.8% year on year during the period, and was equivalent to 88.9% of the estimate; revenue from crude oil reached 213% of the estimate, up 103.5%; and trade revenue hit 108.8% of the estimate, up 22.1%.

Given the positive revenue collection during the nine months, the Ministry of Planning and Investment (MPI) forecast GDP growth of 7.75% for this year, high export performance, and rising oil prices while the MoF suggested the budget revenue for this year surpass the year’s target of VND1,410 trillion ($59 trillion).

The MoF expected key income sources from crude oil, trade, and land use rights, while revenue collection from environmental protection tax and state divestment at state-owned enterprises have been behind schedule.

The ministry attributed greater efficiency in budget management, especially in e-commerce and real estate transactions, supervision efforts against tax evasion, trade frauds, and the use of e-invoices, among the factors, to higher state budget revenue.

Allocating $3.35 billion for Covid-19 response

A government report noted it has allocated around VND79.7 trillion ($3.35 billion) for Covid-19 response in the past two years.

The report, submitted to the National Assembly for review, revealed over VND51.2 trillion ($2.14 billion) was allocated for Covid-19 prevention and control.

Vietnam has also received over 95 million doses of Covid-19 vaccines from donation sources. This year, the Government allocated VND36.1 trillion ($1.5 billion) for Covid-19-related purposes, but only VND1 trillion ($42 million) has been disbursed as of late May.

According to the Government, localities have received nearly VND8 trillion ($335 million) in aid against the pandemic, 62% of the amount was to support workers and businesses affected by Covid-19.

To ensure sufficient funds for Covid-19 prevention in 2021, the government has cut 50% of spending on foreign and domestic meetings and business travel by public agencies, along with a 10% saving in recurrent spending.