Business
Vietnam records state budget surplus of US$4.1 billion in Jan-Aug
As of August, state budget revenue stood at VND997.6 trillion (US$43 billion), equivalent to 70.7% of the estimate and up 12.4% year-on-year.
Vietnam recorded a state budget surplus of VND96.2 trillion (US$4.1 billion) in the first eight months of 2019, according to the Ministry of Finance (MoF).
As of August, state budget collection stood at VND997.6 trillion (US$43 billion), equivalent to 70.7% of the estimate and up 12.4% year-on-year.
Upon breaking down, tax and fee revenues totaled VND808 trillion (US$34.82 billion), equivalent to 68.9% of the year's estimate and up 13.9% year-on-year, while revenue from oil exports amounted to VND38.78 trillion (US$1.67 billion), or 87% of the estimate and down 6.8%, and VND147.2 trillion (US$6.34 billion) from trade activities, equaling 77.8% of the estimate and up 10.3% year-on-year.
According to the MoF, 55 out of 63 provinces and cities had their state budget collection meet over 65% of the estimate and 59 collected higher tax revenues than in the same period of last year.
The country’s state budget expenditure in the January – August period reached VND901.35 trillion (US$38.84 billion), equivalent to 55.2% of the year's estimate and up 2.8% year-on-year. Of the total, regular spending reached VND649.89 trillion (US$28 billion) or 65% of the plan and up 5.8% year-on-year. Capital expenditure reached VND161.27 trillion (US$6.94 billion) or 37.6% and down 8.8%, and interest payment of VND76.76 trillion (US$3.3 billion) or 61.5%, up 1.6%.
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, tax and fee revenues totaled VND808 trillion (US$34.82 billion), equivalent to 68.9% of the year's estimate and up 13.9% year-on-year, while revenue from oil exports amounted to VND38.78 trillion (US$1.67 billion), or 87% of the estimate and down 6.8%, and VND147.2 trillion (US$6.34 billion) from trade activities, equaling 77.8% of the estimate and up 10.3% year-on-year.
According to the MoF, 55 out of 63 provinces and cities had their state budget collection meet over 65% of the estimate and 59 collected higher tax revenues than in the same period of last year.
The country’s state budget expenditure in the January – August period reached VND901.35 trillion (US$38.84 billion), equivalent to 55.2% of the year's estimate and up 2.8% year-on-year. Of the total, regular spending reached VND649.89 trillion (US$28 billion) or 65% of the plan and up 5.8% year-on-year. Capital expenditure reached VND161.27 trillion (US$6.94 billion) or 37.6% and down 8.8%, and interest payment of VND76.76 trillion (US$3.3 billion) or 61.5%, up 1.6%.
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.
