Log in
Business

Vietnam’s 9-month budget revenue equals 94% of year’s target

This year's budget revenue could exceed the target of VND1,410 trillion ($59 billion).

Vietnam’s budget revenue during the first nine months of 2022 stood at VND1,330 trillion (US$55.7 billion), up 22% year on year, and equivalent to 94% of the year’s estimate.

 Vietnam's budget revenue in nine months equals 94% of the year's estimate. File photo

The Ministry of Finance (MoF) revealed the figures at a press conference on September 29.

Upon breaking down, domestic revenue rose by 18.8% year on year during the period, and was equivalent to 88.9% of the estimate; revenue from crude oil reached 213% of the estimate, up 103.5%; and trade revenue hit 108.8% of the estimate, up 22.1%.

Given the positive revenue collection during the nine months, the Ministry of Planning and Investment (MPI) forecast GDP growth of 7.75% for this year, high export performance, and rising oil prices while the MoF suggested the budget revenue for this year surpass the year’s target of VND1,410 trillion ($59 trillion).

The MoF expected key income sources from crude oil, trade, and land use rights, while revenue collection from environmental protection tax and state divestment at state-owned enterprises have been behind schedule.

The ministry attributed greater efficiency in budget management, especially in e-commerce and real estate transactions, supervision efforts against tax evasion, trade frauds, and the use of e-invoices, among the factors, to higher state budget revenue.

Allocating $3.35 billion for Covid-19 response

A government report noted it has allocated around VND79.7 trillion ($3.35 billion) for Covid-19 response in the past two years.

The report, submitted to the National Assembly for review, revealed over VND51.2 trillion ($2.14 billion) was allocated for Covid-19 prevention and control.

Vietnam has also received over 95 million doses of Covid-19 vaccines from donation sources. This year, the Government allocated VND36.1 trillion ($1.5 billion) for Covid-19-related purposes, but only VND1 trillion ($42 million) has been disbursed as of late May.

According to the Government, localities have received nearly VND8 trillion ($335 million) in aid against the pandemic, 62% of the amount was to support workers and businesses affected by Covid-19.

To ensure sufficient funds for Covid-19 prevention in 2021, the government has cut 50% of spending on foreign and domestic meetings and business travel by public agencies, along with a 10% saving in recurrent spending.

Reactions:
Share:
Trending
Most Viewed
Related news
Policymakers ratifies resolution on private sector development

Policymakers ratifies resolution on private sector development

The private sector, including business households, currently contributes around 51% of GDP and over 30% of the state budget.

Private sector needs breakthrough solutions to thrive

Private sector needs breakthrough solutions to thrive

Stable policy implementation and supporting mechanisms are important for businesses to resolve commercial disputes and international integration.

Vietnam to offer substantial incentives for home businesses 

Vietnam to offer substantial incentives for home businesses 

This move is expected to help Vietnam achieve its national target of having two million businesses by 2030.

US issues positive determination in anti-dumping on fiber cast imports from Vietnam

US issues positive determination in anti-dumping on fiber cast imports from Vietnam

The outcome is considered to be favorable for Vietnamese exporters, in particular as the cooperating firms are also subject to a relatively low provisional countervailing duty of 3.39%.

Foreign inflows into Vietnam stock market hit two-year high

Foreign inflows into Vietnam stock market hit two-year high

Foreign investors bought more than VND4.1 trillion (about US$161 million) worth of stocks on May 13, nearly three times the amount of the previous day.

Vietnam urges US firms to support fair bilateral trade deal

Vietnam urges US firms to support fair bilateral trade deal

Vietnam has addressed concerns of the US government and corporations, strengthened its fight against trade fraud, and promote administrative implemented reforms.

TH Group inaugurates large-scale dairy processing plant in Russia

TH Group inaugurates large-scale dairy processing plant in Russia

Ventures like the TH Group are accelerating the development of the dairy farming in the Kaluga Oblast of Russia.

Vietnamese banks restructure workforce as demand for digital hire grows

Vietnamese banks restructure workforce as demand for digital hire grows

Driven by structural reforms and cost-efficiency goals, Vietnamese banks are streamlining their workforce, a trend expected to last through 2030, according to industry leaders.