State budget revenue in the first 11 months of this year fell 7.8 percent year-on-year to just over 1.26 quadrillion VND (54.58 billion USD), the Ministry of Finance reported on December 8, blaming the economic fallout from COVID-19 for the decline.
Hanoi (VNA) - State budget revenue in the first 11 months of this yearfell 7.8 percent year-on-year to just over 1.26 quadrillion VND (54.58 billionUSD), the Ministry of Finance reported on December 8, blaming the economicfallout from COVID-19 for the decline.
The figurerepresented 83.4 percent of the annual estimate, with central and local budgetcollections at 77.4 percent and 91.1 percent, respectively, the ministry said.
Domesticcollections were down 4 percent against the same period last year, to nearly1.08 quadrillion VND, or 84.4 percent of the annual plan.
Revenuefrom crude oil totalled 31.5 trillion VND, a sharp decline of 38.9 percent againsta year earlier and equivalent to 89.5 percent of the plan.
Revenuefrom imports and exports plunged 19.6 percent year-on-year to 161.5 trillionVND, or 77.6 percent of the plan.
Statebudget expenditure, meanwhile, rose 8.5 percent to close to 1.37 quadrillionVND, equivalent to 78.4 percent of the annual plan.
Theministry said that about 17.9 trillion VND has been spent from the State budgetto cover COVID-19 response and financially support businesses and peopleaffected.
More than4.54 trillion VND has been used to address the aftermath of natural disastersand cope with African swine fever. This includes 1.63 trillion VND allocated tohelp nine central and Central Highlands provinces respond to the recentdevastating flooding and 11 northern provinces deal with the consequences of hailstorms, flash flooding, and landslides.
Nearly32,950 tonnes of rice from the national reserve has been provided to aidnatural disaster victims and those stricken by the crop failure./.
It is unlikely that State budget revenue will reach the 2020 target approved by the National Assembly of over 1.51 quadrillion VND (64.89 billion USD) due to the impact of COVID-19, Minister of Finance Dinh Tien Dung has said.
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Illustrative photo. (Source: VNA)
