The State budget’s domestic revenue in the first eight months of 2019 is estimated at 808.8 trillion VND (34.8 billion USD), according to the Ministry of Finance.

The State budget’s domestic revenue in the first eight months of 2019 is
estimated at 808.8 trillion VND (34.8 billion USD), according to
the Ministry of Finance (Photo: petrotimes.vn)

The figure is equal to 68.9 percent of the full-year plan and up 13.9 percent year on year.

The domestic revenue is made up of a variety of taxes and charges, and collected from different sources such as State-owned, FDI and private enterprises, agricultural land use, personal income and vehicle registration.

It is also estimated that domestic revenues collected by 55 of all 63 provinces and cities have beat the full-year target, which is set at 65 percent. Of the figure, 46 provinces and cities recorded that their domestic revenues fulfilled 68 percent of the year’s target.

Besides domestic revenue, State budget collection from exports rose 10.3 percent year on year to 147.2 trillion VND in the first eight months, fulfilling 77.8 percent of the full-year target. Tax deduction is estimated at 85.9 trillion VND, equal to 77.2 percent of the year’s plan.

However, revenue from oil production and exports in January-August fell 6.8 percent yearly to 38.78 trillion VND, which accounts for 87 percent of the 2019 target.

As of the end of August, it was recorded that eight of 12 State budget revenue items had fulfilled at least 68.9 percent of their full-year plans. The items with high State budget revenues were land and housing (88 percent of the year’s target), lottery (83.9 percent), and licensing of mining and water businesses (126.6 percent).

State budget revenue in four of the 12 items was less than expected, which were State-owned enterprises, FDI companies and private firms with fulfilment rates of 62.1 percent, 64.9 percent and 66.2 percent, respectively.

According to the Ministry of Finance, the general tax department pushed its agencies to improve tax collection, monitor local tax payers and administrate businesses over their tax payments.

In addition, the General Department of Customs worked closely with local authorities and other Government agencies to fight State budget losses, smuggling, trade fraud and fake goods. The customs office also modernised its administrative system to speed up the processing of customs procedures.

In the eight month period, total State spending was up 2.8 percent yearly to 901.35 trillion VND, equal to 55.2 percent of the year’s plan.

The figure included spending for investment and development (161.27 trillion VND), interest payments (76.76 trillion VND) and regular spending (nearly 645 trillion VND).

As of August 31, the State Treasury had settled 570.8 trillion VND worth of State regular spending, 54.7 percent of the full-year target, and disbursed 153.8 trillion VND worth of procurement, 41.5 percent of the plan.

In addition, a total of 152 trillion VND worth of Government bonds were raised in the first eight months with average maturity of 13.48 years and average per-annum yield rate of 4.89 percent.

Total State budget collection in the first eight months reached nearly 1 quadrillion VND, up 12.4 percent year on year and equal to 71 percent of the year’s plan.