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Feb 08, 2020 / 17:24

Vietnam records fiscal surplus of US$2.04 billion in January

In January, tax revenue stood at VND166.7 trillion (US$7.17 billion), equivalent to 11% of the year's plan and up 4.8% year-on-year.

Vietnam recorded a state budget surplus of VND47.5 trillion (US$2.04 billion) in January, according to the Ministry of Finance (MoF). 

 Illustrative photo.

In January, state budget revenue collection stood at VND166.7 trillion (US$7.17 billion), equivalent to 11% of the year's estimate and up 4.8% year-on-year. 

Upon breaking down, domestic revenue reached VND146.1 trillion (US$6.28 billion), equivalent to 11.6% of the year's plan and up 10.2% year-on-year, in which revenue from the state sector reached 11.7% of the estimate, unchanged from the same period last year; revenue from the private sector reached 13.8% of the estimate, up 7.5%; revenue from the foreign-invested sector, 13% of the estimate, up 7.8%.

Meanwhile, revenue from crude oil stood at VND5.6 trillion (US$240.97 million), equivalent to 15.9% of the estimate and up 33.7% year-on-year while that of import-export activities was VND22 trillion (US$946.7 million), equivalent to 6.5% of the estimate and down 34.8% year-on-year because the trade turnover in January decreased by 15.1% month-on-month and 12.8% year-on-year.

According to the MoF, the country’s state budget expenditure in January stood at VND98.6 trillion (US$4.24 billion), equivalent to 5.6% of the estimate, meeting demands for regular spending and capital expenditure.

Total disbursement of public investment was estimated at over VND4.44 trillion (US$191.06 million), completing 0.95% of the government’s plan and higher than the disbursement rate of 0.5% mandated by the National Assembly and 0.69% of the Prime Minister’s target.

During this very first month of the year, most ministries, branches and localities are allocating capital plans and estimating costs for projects, so the disbursement rate is low, said the MoF.

The total expenditure plan for development investment from the state budget in 2020 assigned by the National Assembly and the Prime Minister is VND470.6 trillion (US$20.25 billion), including VND410.6 trillion (US$17.66 billion) in domestic capital and VND60 trillion (US$2.58 billion) in foreign capital.

With the amended Public Investment Law in effect from the beginning of 2020 and the goal of raising total investment capital by 13.2% in 2020, higher than an 11% increase in 2019, Bao Viet Securities Company expected that the disbursement of public investment funds will slightly improve in 2020.