For the first time in 13 years, Vietnam recorded a budget surplus of VND400 billion (US$17.21 million) in 2018, according to the General Statistics Office (GSO).
Data source: GSO. Chart: Nguyen Tung.
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Of the total, domestic revenues from taxes and fees collection in the period stood at VND1,012.3 trillion (US$43.57 billion) or 92.1% of the year's estimate, of which, the state sector contributed VND138.9 trillion (US$5.97 billion) or 83.4% of the year's plan, the FDI sector VND168.4 trillion (US$7.29 billion) (excluding crude oil) or 75.6%.
Moreover, VND193.5 trillion (US$8.38 billion) was collected from non-state industrial, commercial and service taxes, equaling 88.8% of the plan, and VND42.2 trillion (US$1.82 billion) from tax on environmental protection or 86.5%.
Revenue from trade jumped to VND195.9 trillion (US$8.49 billion) or 109.4% of the estimate, and that from crude oil exports totaled VND59.4 trillion (US$2.57 billion) or 165.5%.
Additionally, personal income tax revenue contributed VND89.1 trillion (US$3.86 billion) to the state budget or 91.9% of the year's estimate, and land use rights VND121.4 trillion (US$5.26 billion) or 141.4%.
Meanwhile, Vietnam's state budget expenditures as of December 15 totaled VND1,272.1 trillion (US$55.13 billion), equivalent to 83.5% of the year's plan. Of the total, regular spending reached VND874.5 trillion (US$37.9 billion) or 93%. Expenditure for development investment reached VND260.2 trillion (US$11.27 billion) or 65.1% and interest payment of VND102.2 trillion (US$4.42 billion) or 90.8%.
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.
