Govt misses budget revenue collection target, public debt swells in Jan-SeptBy Ngoc Lan A view of Ca Mau Gas-Power-Fertilizer Complex. The Government plans to increase tax on nitrogenous fertilizer in 2019 – PHOTO: TL HANOI – The Government did not achieve its budget revenue collection target in January-September, while the country’s public debt burden was getting heavier, according to the National Assembly's (NA’s) Finance and Budget Committee’s report on the State budget performance this year and plans for next year, delivered at the NA’s sixth sitting on October 22. High budget revenue collection targets According to the Finance and Budget Committee, the Government had set unachievable targets for revenue from domestic production and business activities compared with last year, leading to the lower-than-expected revenue from local enterprises. Although the State budget revenue this year may surpass the estimate as the amount in the … [Read more...] about Govt misses budget revenue collection target, public debt swells in Jan-Sept
Budget revenue
Vietnam state budget revenue up 13.7% in 9 months
The Hanoitimes - Vietnam recorded a fiscal deficit of VND26.8 trillion (US$1.14 billion) in the nine months through September, widening from a deficit of VND1.7 trillion (US$72.69 million) recorded one month earlier. Vietnam collected VND86.2 trillion (US$3.69 billion) in September for the state budget, accumulating a total of VND962.5 trillion (US$41.23 billion) in the first nine months, equivalent to 73% of the year's estimate and up 13.7% year-on-year, stated the Ministry of Finance. Illustrative photo. Of the total, collections from domestic taxes and fees in September reached VND64.6 trillion (US$2.76 billion), up VND2.1 trillion (US$89.95 billion) against the previous month. This resulted in a total of VND763.6 trillion (US$32.71 billion) in the January - September period, equivalent to 69.5% of the estimate and up 14.3% year-on-year. As many as 44 out of 63 provinces have had their budget revenue meet more than 75% of the year's plan and 59 out of … [Read more...] about Vietnam state budget revenue up 13.7% in 9 months
Vietnam state budget revenue forecast to increase by 7% in 2019
The Hanoitimes - This would result in a state budget deficit of VND222 trillion (US$9.53 billion), or 3.6% of GDP, VnEconomy reported. Vietnam's state budget revenue is projected to increase by 7% year-on-year to VND1,411 trillion (US$60.57 billion) in 2019, according to a report by the Ministry of Planning and Investment (MPI). Illustrative photo. Meanwhile, Vietnam is expected to spend VND1,633 trillion (US$70.10 billion), up 7.2% year-on-year, resulting in a budget deficit of VND222 trillion (US$9.53 billion), or 3.6% of GDP. In the first eight months of 2018, Vietnam collected VND871.8 trillion (US$37.43 trillion), while the MPI expected the figure to go up to VND1,358 trillion (US$58.31 billion) in 2018, up VND39.2 trillion (US$1.68 billion) compared to the year's estimate and up 5.5% year-on-year. Vietnam's state budget expenditures in the January - August period reached VND873.5 trillion (US$37.51 billion) and is expected to hit VND1,562 trillion … [Read more...] about Vietnam state budget revenue forecast to increase by 7% in 2019
HCM City: Six-month budget revenue up 11.4 percent
HCM City (VNA) – Ho Chi Minh City collected 130.55 trillion VND (5.62 billion USD) for the budget in the first half of 2018, up 11.37 percent from a year earlier, according to the municipal Department of Taxation. The six-month revenue, equivalent to 48.57 percent of this year’s plan, included 11.62 trillion VND (500 million USD) from crude oil, up 34.9 percent, and nearly 118.93 trillion VND (5.12 billion USD) from other domestic sources, up 9.5 percent. At a meeting on July 23, Chairman of the HCM City People’s Committee Nguyen Thanh Phong appreciated tax contribution by businesses, especially amid the fluid overall economic situation. He said the city has issued many solutions supporting production and business activities. More policies facilitating enterprises, particularly small- and medium-sized ones, will be devised in the time ahead. Additionally, municipal authorities will hold regular dialogues with business associations to remove bottlenecks and create … [Read more...] about HCM City: Six-month budget revenue up 11.4 percent
State budget revenue up over 5 percent in Q1 of 2018
Total budget revenue in the first quarter of this year reached VND308 trillion (US$13.55 billion), equalling 23.4 percent of this year’s target revenue, an increase of 5.3 percent over last year, according to the Ministry of Finance. Of the total revenue for Q1, the domestic revenues totalled roughly VND253 trillion (US$11.13 billion), 7.2 pct higher than the same period last year. According to the ministry, the progress in budget collection across all localities was relatively positive compared to the yearly plan and increased over the same period of last year, with 43 out of all 63 provinces and cities collecting over 24 pct of their estimates. Budget revenues from crude oil exports are estimated at roughly VND13.2 trillion, an annual increase of 13.9 pct. Import-export activities contributed VND67.58 trillion to the State budget, totalling 2.8 pct, less than during the same period last year. Meanwhile, the total budget spending was VND28 trillion, up 18.8 pct annually. … [Read more...] about State budget revenue up over 5 percent in Q1 of 2018