Vietnam records US$5.42 billion fiscal deficit in 2020

Vietnam recorded a state budget deficit of VND125.1 trillion (US$5.42 billion) in the year to December 15, 2020, which came as a result of the government efforts to aid economic recovery and deal with natural disasters in a difficult year, according to the General Statistics Office (GSO). 

Budget revenue collection as of December 15 was equivalent to 86.5% of the estimate. Photo: Chien Cong.

As of December 15, the budget revenue collection reached VND1,307.4 trillion (US$56.67 billion), equivalent to 86.5% of the year's estimate.  

Upon breaking down, domestic revenue during the period stood at VND1,101.6 trillion (US$47.75 billion), equivalent to 87.1% of the year's estimate. Of the sum, the state sector contributed VND134.7 trillion (US$5.83 billion), or 75.7% of the year's estimate, the FDI sector VND180 trillion (US$7.8 billion), meeting 78.7% of the plan. 

Moreover, VND209.2 trillion (US$9.06 billion) was collected from non-state industrial, commercial and service taxes, equaling 77.2% of the plan, and VND54.8 trillion (US$2.37 billion) from tax on environmental protection or 81.2%. 

Customs revenue hit VND172.3 trillion (US$7.46 billion), up 82.8% against the year's estimate, and that from crude oil exports totaled VND32.7 trillion (US$1.41 billion), or 92.9%.

Additionally, personal income tax contributed VND110 trillion (US$4.76 billion) to the state budget or 85.5% of the year's estimate, and land use right fees VND143.9 trillion (US$6.23 billion), 50% above the plan.

Meanwhile, state budget expenditures as of December 15 totaled VND1,432.5 (US$62.1 billion), equivalent to 82% of the year's plan. Of the total, regular spending reached VND966.7 trillion (US$42 billion) or 91.5% of the plan. Capital expenditure reached VND356 trillion (US$15.43 billion) or 75.7%, and interest payment, VND93.4 trillion (US$4.28 billion) or 83.6%.