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Vietnam's state budget revenue collection increases 13.2% in H1
12:11, 2019/07/13
State budget revenue collection by the central government posted a five-year high at 51.5% of the estimate.
Vietnam's state budget revenue in the first six months of 2019 reached VND745 trillion (US$32.19 billion), equivalent to 52.8% of the year's estimate and up 13.2% year-on-year, according to Deputy Minister Do Hoang Anh Tuan. 
 
Illustrative photo.
Illustrative photo.
Upon breaking down, domestic revenues stood at VND600 trillion (US$25.93 billion), equivalent to 51.1% of the estimate and up 13.6% year-on-year, while revenue from oil exports amounted to VND30.35 trillion (US$1.31 billion), or 47.6% of the estimate and up 13.5%, and VND113.2 trillion (US$4.89 billion) from trade activities, equaling 59.8% of the estimate and up 13.7% year-on-year. 

Notably, state budget revenue collection by the central government posted a five-year high at 51.5% of the estimate, Tuan said, adding revenue from local governments reached 54.3% of the estimate, with 50 out of 63 provinces and cities fulfilling over 50% of their respective targets.

Report from the Ministry of Finance (MoF) released on July 12 stated state expenditure in the six-month period stood at VND666.1 trillion (US$28.78 billion), equivalent to 40.8% of the estimate and up 2.6% year-on-year. 

To ensure balance of state budget, the MoF issued government bonds worth VND112.1 trillion (US$4.84 billion) to cover the budget gap and principal repayments, of which the latter was VND104 trillion (US$4.49 billion).

Tuan requested customs and taxes agencies to step up efforts in tackling smuggling and trade fraud activities, while making sure tax arrears to remain below 5% of total state budget revenue collection. 

The MoF would continue to revise policies regarding finance and taxes to better reflect actual practices and Vietnam’s international commitments, creating fair and transparent business environments for the business community, Tuan stressed. 
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