The Hanoitimes - Total state budget exceeded VND446 trillion (US$19.6 billion) in the first four months, equivalent to 33.8% of the year estimation and up 12.1% year on year, informed the Ministry of Finance.
Domestic tax collections in April contributed VND91 trillion (US$4 billion), including state capital divestment from state owned enterprises. Total domestic tax collection in the first four months reached VND368.1 trillion (US$16.2 billion), equivalent to 33.3% of the year estimation and up 14.5% year on year.
It is estimated that 50 out of 63 provinces with domestic tax collection reaching the estimation target of over 32%, in which 34 provinces having the figure of over 35% estimation; 46 out of 63 provinces reported a higher revenue than the same period of last year, while 19 provinces scored a lower rate.
State budget's revenue reaches US$19.6 billion in the first four months.
Budget revenue from crude oil in April was estimated at VND4.8 trillion (US$211.2 million), taking the revenue from 4 months at VND19.1 trillion (US$840.4 million), equivalent to 53.3% of estimation and up 27% compared to the same period of last year.
Vietnam`s import-export duty revenue in April is reported at VND21.3 trillion (US$937.2 million), resulting in VND90 trillion (US$3.96 billion) in four months, equivalent to 31.8% of estimation and down 2.9% compared to the same period of last year.
State budget expenditure accounted for VND119.5 trillion (US$5.25 billion) in April, resulting in total state budget expenditure in the first four months of VND410 trillion (US$18 billion), equivalent to 26.9% of estimates, and up 4.6% compared to the last year's period.
Of the total, regular expenditures are posted at VND301.5 trillion (US$13.26 billion), equivalent to 32.1% of estimation and up 5.4% year on year, while payments for debts were seen at VND41.75 trillion (US$1.83 billion), equivalent to 37.1% of estimation and up 13.7% comparing to same period of last year; expenditure for investment reached VND65 trillion (US$2.86 billion), equivalent to 16.3% of estimation and 94.8% of last year's period.
Vietnam's state budget is estimated to reduce by some VND30.15 trillion (US$1.32 billion) this year as the country has to apply the elimination of multiple tariff barriers under signed free trade agreements (FTAs), according to the General Department of Customs.
This year is an important transitional year of the elimination of tariff barriers for many commodities imported from ASEAN countries, as over 90% of the goods under the ASEAN trade agreement (ATIGA) will bear 0% tariff. The strongest tax reduction is applied to some items with large tax revenues such as auto (30% to 0%), components and spare parts (5%, 20% to 0%), steel (5% to 0%), and agricultural products, tobacco, and alcohol.