Budget Revenue in First 4 Months Continues Surplus

10:52:17 AM | 5/13/2019

The latest report of the Ministry of Finance said that the balance of state budget collection in April 2019 was estimated at VND133.9 trillion. Accumulated revenue in 4 months reached VND517.87 trillion, equaling 36.7% of the estimate, up 13.9% compared to the same period of 2018.

In the revenue of the last 4 months, domestic revenues reached VND 424.96 trillion, equal to 36.2% of the estimate, but the increase was lower than the same period in 2018, only 14% instead of 16% of the previous year.

It is estimated that there are 52/63 domestic collecting localities reaching the estimated progress (over 32%), of which 40 localities collected over 35% of the estimate; 56/63 localities collected higher than the same period, 7 localities collected lower than the same period.

Revenues from crude oil in 4 months were estimated at VND 18.29 trillion, equal to 41% of the estimate, down 2.2% compared to the same period of 2018 with the average price of crude oil reaching 65 USD / barrel (equal to the estimated price), equal to 94.5% compared to the same period in 2018; production was estimated at 3.9 million tons, equal to 37.3% of the plan, 98.3% compared to the same period in 2018.

Revenue from import and export activities was estimated at VND 73.9 trillion, equal to 39.1% of the estimate, up 17.3% over the same period in 2018 on the basis of total estimated revenue of VND 111.6 trillion, equal to 37.1% of the estimate, up 21.6% over the same period in 2018; The value-added tax refund under the regime was about VND 37.7 trillion, equal to 33.9% of the estimate.

Customs authorities have actively strengthened post-customs clearance inspection; coordinated closely with functional forces to fight smuggling, trade fraud and fake goods, thus positively impacting the region's revenues.

Regarding state budget spending, in April, the country spent VND 114.2 trillion; accumulated spending in 4 months reached VND 429.8 trillion, equal to 26.3% of the estimate, up 4.4% over the same period in 2018. Specifically, development investment expenditure reached VND 68.5 trillion, equal to 16% of the estimate, up 5.4%; interest payment was VND 39.69 trillion, equal to 31.8% of the estimate, down 4.9%; recurrent expenditure reached VND 319.68 trillion, equal to 32% of the estimate, up 5.4% over the same period in 2018.

Because spending schedule is slower than the budget collection, the balance of the state budget in April and 4 months continued to have surplus. In this context, the Ministry of Finance has actively managed the issuance of Government bonds to both effectively use the state budget, ensure payment sources and timely pay principal debts, contribute to orienting the development of the market and restructuring public debt.

There were VND 82 trillion of Government bonds (excluding VND 7 trillion of debt issuance with Vietnam Social Insurance in accordance with the Resolution of the National Assembly) with an average term of 12.51 years, the average interest rate at 4.92% / year.

In April 2019, the State Treasury held 3 bond auctions, mobilizing VND 7,451 billion including 10-year term (VND 2,690 billion), 15 year-term (VND 4,350 billion), 20 year-term (VND 211 billion) and 30 years (VND 200 billion).

Up to April 26, 2019, the total mobilized volume reached VND 83,919.5 billion, reaching 27.34% of the assigned plan.

Le Hien