Vietnam's fiscal deficit narrows to US$257.7 million in Jan-Nov
State budget revenues as of November 15 reached VND1,160.1 trillion (US$49.82 billion), equivalent to 87.9% of the year`s estimate.
Vietnam saw a budget deficit of VND6 trillion (US$257.7 million) from the beginning of the year to November 15, significantly narrowing from a deficit of VND42.2 trillion (US$1.81 billion) recorded 15 days earlier, according to the General Statistics Office (GSO).
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Of the total, collections from domestic taxes and fees in the period stood at VND926.9 trillion (US$39.80 billion) or 84.3% of the year's estimate. Of the sum, the state sector contributed VND128.6 trillion (US$5.52 billion) or 77.2% of the year's plan, the FDI sector VND156.6 trillion (US$6.72 billion) (excluding crude oil) or 70.3%. Moreover, VND178.7 trillion (US$7.67 billion) was collected from non-state industrial, commercial and service taxes, equaling 82%, and VND38.3 trillion (US$1.64 billion) from tax on environmental protection or 78.5%.
Revenue from trade jumped to VND174.9 trillion (US$7.51 billion) or 97.7% of the year's estimate, and that from crude oil exports totaled VND54.3 trillion (US$2.33 billion) or 151.3%.
Additionally, personal income tax contributed VND82.5 trillion (US$3.54 billion) to the state budget or 85.2% of the year's estimate, and land use rights VND102.1 trillion (US$4.38 billion) or 118.8%.
Meanwhile, Vietnam's state budget expenditures as of November 15 totaled VND1,166.2 trillion (US$50.09 billion), equivalent to 76.6% of the year's plan. Of the total, regular spending reached VND806.8 trillion (US$34.66 billion) or 85.8% of the plan. Capital expenditure reached VND239.8 trillion (US$10.3 billion) or 60%, and interest payment of VND93.5 trillion (US$4.01 billion) or 83.1%.
This year is considered as an important transitional year, following the elimination of tariff barriers for commodities imported from ASEAN countries, of which over 90% of the goods under the ASEAN trade agreement (ATIGA) will bear zero tariff. A large amount of tax reductions are applied to items with high tax revenues such as cars (from 30% to 0%), components and spare parts (from 5% and 20% to 0%), steel (5% to 0%), among others.
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