31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
Vietnam’s 9-month budget revenue equals 94% of year’s target
Ngoc Mai 18:17, 2022/09/30
This year's budget revenue could exceed the target of VND1,410 trillion ($59 billion).

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.

RELATED NEWS
TAG: vietnam budget revenue Vietnam Covid-19 vietnam expenditure
Other news
17:46, 2022/46/06
Central bank expands credit growth target amid rising capital demand
The expansion of the credit room by 1.5-2 percentage points would mean an addition of VND156-200 trillion ($6.5-8.3 billion) being injected into the economy.
21:44, 2022/44/21
Rising credit demand puts pressure on Vietnam's economy
Experts call for the central bank to expand the credit growth target to 15-16% this year.
14:41, 2022/41/15
Visa, Google and banks launch Google Wallet today
With digital payments becoming the go-to choice for a seamless experience, Google Wallet is now available in Vietnam.
17:48, 2022/48/12
NA agrees to raise basic wage next July
The Vietnamese Parliament expects a budget deficit of VND455.5 trillion (US$18.35 billion), or 4.42% of GDP, for next year.
15:20, 2022/20/12
Vietnam excluded from US Treasury's monitoring list
Vietnam is among five economies removed from the monitoring list for "having met only one out of three criteria for two consecutive reports."
15:52, 2022/52/10
Vietnam’s Govt committed to supporting sustainable corporate bond market
The Government set the goal for total outstanding loans in the corporate bond market to reach at least 20% of the GDP by 2025, and 25% by 2030.