Economic Sector

Last updated: Monday, March 18, 2019


Budget Collection Reaches 67.8 Pct of Estimate in 8 Months

Posted: Wednesday, September 16, 2015

Overcoming challenges and difficulties, Vietnam's economy in August continued its recovery as shown in most indicators, thus the total net revenue collection in August was estimated at VND57.37 trillion; accumulation for the first eight months of 2015 was estimated at VND618.14 trillion or 67.8 percent of the target, an increase of 7 percent year-on-year. Of which: domestic revenue in August was expected at VND38.9 trillion, 46.5 percent; eight-month accumulation reached VND459.45 trillion, 71.9 percent of the estimate, up 16.5 percent year-on-year (15 percent if excluding land use fees), a considerable result compared to recent years.
Regarding government spending, August was estimated at VND88 trillion; eight-month accumulation reached VND733.3 trillion, 63.9 percent of the estimate, up 8.2 percent, of which expenditure for investment and development was VND110.9 trillion. The disbursement of capital construction investment alone was VND107.7 trillion; government bond capital disbursement completed 48 percent of the plan, lower than the same period last year (59 percent of the plan); spending on debt and aid was VND104.55 trillion, ensuring prompt payment for due debts as committed; expenses for the development of socio-economy, national defence, security and administration reached VND511.65 trillion; government spending was conducted timely according to assigned estimates and schedule of units in need of budget, ensuring funding for national defence, security and social welfare. The eight-month state budget deficit was calculated at VND115.18 trillion, approximately 51 percent of the yearly estimate.
The Ministry of Finance assigned the Department of State Budget to continue coordinating with concerned agencies and relevant units to closely monitor global oil prices to coordinate with the General Department of Taxation and the General Department of Customs to prepare scenarios and responses for revenues collection and government spending. As for the General Department of Taxation and the General Department of Customs, in addition to implementing efficiently the collection of state revenues, it’s important to strengthen tax inspection and post customs clearance inspection; keeping close control of the VAT reimbursement as well as doing research, providing advices and proposing feasible solutions to ensure efficiency for the revenues mission as oil prices continue downward. First thing first, in September, tax authorities should take steps to collect tax from big-debtor enterprises, more than 50 percent should be completed, whose names have been published and continue reviewing and publicize the tax debts of other companies with accuracy.

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