State budget revenue surpasses target, rises 17.4% y-o-y
The 11-month state budget revenue is estimated at nearly 1.64 quadrillion VND (67 billion USD), equivalent to 116.1% of the target and up 17.4% from a year earlier, the Ministry of Finance (MoF) announced on December 1.
A state budget collection site in Yen Bai province (Photo: VNA)
Hanoi (VNA) – The 11-monthstate budget revenue is estimated at nearly 1.64 quadrillion VND (67 billionUSD), equivalent to 116.1% of the target and up 17.4% from a year earlier, theMinistry of Finance (MoF) announced on December 1.
In particular, the central budget collectionwas equivalent to 114.9% and the local budget collection 117.4% of therespective targets.
The MoF attributed this to sustained economic recovery and growth as seen inthe nine-month GDP expansion of 8.83%, along with retail sales up 17.5%, theindex of industrial production up 8.6%, exports up 13.4%, and trade surplus at10.6 billion USD in 11 months.
Price hikes in oil, some commodities,and input materials have also contributed to an increase in the collection fromcrude oil and foreign trade. Taxation and customs agencies have also enhancedtax management.
As of November, the state budgetspending stood at almost 1.36 quadrillion VND, equivalent to 76.2% of thetarget and rising 7.1% year on year.
The MoF said budget spending tasks were carried out as planned, meeting thedemand for socio-economic development, defence and security safeguarding, statemanagement, repayment of debts, settlement of natural disaster and diseaseoutbreak consequences, and social security ensuring./.
The tax sector collected over 1.1 quadrillion VND (46.13 billion USD) for the State budget in the first nine months of this year, a year-on-year rise of 21.6%, and equivalent to 93.9% of the yearly estimate, according to the General Department of Taxation.
Budget revenue was forecast to be 14.3% higher than the plan this year but the structure lacked stability as the increase was mainly from land-related revenue.
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A state budget collection site in Yen Bai province (Photo: VNA) 
