Business
Vietnam records fiscal surplus of US$2.22 billion in 7 months
As of July 15, the revenue collection reached VND777.7 trillion (US$33.54 billion), equivalent to 55.1% of the year`s estimate.
Vietnam recorded a state budget surplus of VND51.5 trillion (US$2.22 billion) in the year to July 15, 2019, indicating a significant improvement from a budget deficit of VND35.9 trillion (US$1.54 billion) in the same period of last year, according to the General Statistics Office (GSO).
As of July 15, the revenue collection reached VND777.7 trillion (US$33.54 billion), equivalent to 55.1% of the year's estimate.
Upon breaking down, domestic revenue during the period stood at VND620.5 trillion (US$26.76 billion), equivalent to 52.9% of the year's estimate. Of the sum, the state sector contributed VND85.1 trillion (US$3.67 billion), or 47.9% of the estimate, the FDI sector with VND103.2 trillion (US$4.45 billion), or 48.3%.
Moreover, VND121.1 trillion (US$5.22 billion) was collected from non-state industrial, commercial and service taxes, equaling 50.1%, and VND28.6 trillion (US$1.23 billion) from tax on environmental protection or 41.4%.
Revenue from trade hit VND123.9 trillion (US$5.34 billion) or 65.5% of the year's estimate, and that from crude oil exports totaled VND31.3 trillion (US$1.35 billion), or 69.7%.
Additionally, personal income tax contributed VND62.2 trillion (US$2.68 billion) to the state budget or 55.3% of the year's estimate, and land use rights VND61.4 trillion (US$2.64 billion) or 68.2%.
Meanwhile, Vietnam's state budget expenditures as of July 15 totaled VND726.2 (US$31.32 billion), equivalent to 44.5% of the year's plan. Of the total, regular spending reached VND522.8 trillion (US$22.55 billion) or 52.3% of the plan. Capital expenditure reached VND130.5 trillion (US$5.63 billion) or 30.4%, and interest payment of VND65.2 trillion (US$2.81 billion) or 52.2%.
“State budget collection progressed as planned, while the expenditure has timely met demands for development, debt payment, national security, social welfare and operation of the government,” stated the GSO.
In 2018, the country's state budget revenue was 7.8% higher than the estimate and the budget deficit was kept at VND191.5 trillion (US$8.18 billion), equivalent to 3.46% of the GDP - lower than the estimate of 3.7% of GDP.
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Upon breaking down, domestic revenue during the period stood at VND620.5 trillion (US$26.76 billion), equivalent to 52.9% of the year's estimate. Of the sum, the state sector contributed VND85.1 trillion (US$3.67 billion), or 47.9% of the estimate, the FDI sector with VND103.2 trillion (US$4.45 billion), or 48.3%.
Moreover, VND121.1 trillion (US$5.22 billion) was collected from non-state industrial, commercial and service taxes, equaling 50.1%, and VND28.6 trillion (US$1.23 billion) from tax on environmental protection or 41.4%.
Revenue from trade hit VND123.9 trillion (US$5.34 billion) or 65.5% of the year's estimate, and that from crude oil exports totaled VND31.3 trillion (US$1.35 billion), or 69.7%.
Additionally, personal income tax contributed VND62.2 trillion (US$2.68 billion) to the state budget or 55.3% of the year's estimate, and land use rights VND61.4 trillion (US$2.64 billion) or 68.2%.
Meanwhile, Vietnam's state budget expenditures as of July 15 totaled VND726.2 (US$31.32 billion), equivalent to 44.5% of the year's plan. Of the total, regular spending reached VND522.8 trillion (US$22.55 billion) or 52.3% of the plan. Capital expenditure reached VND130.5 trillion (US$5.63 billion) or 30.4%, and interest payment of VND65.2 trillion (US$2.81 billion) or 52.2%.
“State budget collection progressed as planned, while the expenditure has timely met demands for development, debt payment, national security, social welfare and operation of the government,” stated the GSO.
In 2018, the country's state budget revenue was 7.8% higher than the estimate and the budget deficit was kept at VND191.5 trillion (US$8.18 billion), equivalent to 3.46% of the GDP - lower than the estimate of 3.7% of GDP.
