2023 revenue exceeds 8.1% of estimate
![]() | Many factors greatly affect revenue of Hai Phong Customs |
![]() | Import-export in 2023 reach the set target of around 680 billion USD |
![]() | Ho Chi Minh City Customs: Efforts to collect revenue in difficult times |
![]() |
The 2023 budget collection is assumed to have achieved positive results in a difficult context. Photo: Internet. |
Budget collection achieves positive results in a difficult context
The Central budget exceeds 5.9%; local budget exceeds 10.6% of the estimate. Although revenue exceeds the estimate by more than 8%, the budget result in 2023 only reaches 96.5% compared to the result in 2022.
The Ministry of Finance said that domestic revenue exceeds 10.1% of the estimate, an increase of 1.7% compared to the result in 2022, which does not include land use fees and lottery revenues in 48 of 63 localities; 29 of 63 localities increase revenue compared to 2022 performance.
Revenue from crude oil exceeds 47.5% (VND19.9 trillion) of the estimate, but is still down 20.6% compared to 2022. The average oil price is about 88 USD/barrel, an increase of 18 USD/barrel compared to the estimate (70 USD/barrel).
Revenue from import-export activities reaches 91.8% (down VND19.7 trillion) compared to estimate, down 23.1% from 2022, mainly due to the total taxable turnover decreasing by about 13.9% compared to 2022. In which, the import turnover of some major items sharply decline, reducing budget revenue.
In domestic revenue, 11 revenues and taxes exceed estimates such as: revenue from housing and land exceeds 13.1% (VND23.3 trillion); revenue from lottery activities exceeds 22% (VND8.3 trillion); direct revenues from production and business activities in 03 economic sectors exceeds 5.9% (VND42 trillion), of which: revenue from the State-owned enterprise sector exceeds 6.4% (VND10,7 trillion) compared to the estimate; revenue from the foreign-invested enterprise sector exceeds 4% (VND9.1 trillion); revenue from the non-state economic sector exceeds the estimate by 7.1% (VND22.1 trillion).
The green tax revenue does not meet the estimate (reaching 58.4% of the estimate, down 13.3% compared to the performance in 2022) due to the implementation of the policy of reducing green tax on gasoline and oil according to Resolutions No. 20/2022/UBTVQH15 and No. 30/2022/UBTVQH15 of the National Assembly Standing Committee.
State budget expenditures are estimated at VND1,731.9 trillion
Regarding budget spending, State budget expenditures for the whole year 2023 are estimated at VND1,731.9 trillion, equal to 83.4% of the estimate, up 10.9% year-on-year. Of which, the spending for development and investment is estimated at 79.8% of the estimate decided by the National Assembly, reaching 81.9% of the plan assigned by the Prime Minister; debt and interest payments reach 87.6% of the estimate; recurrent spending reaches 90.3% of the estimate.
Budgets at all levels have proactively ensured the source to pay for additional minimum wage from VND1.49 million /month to VND1.8 million/month for those receiving salaries from the state budget and pay for additional pensions and subsidies for those receiving salaries from the State budget from July 1, 2023.
In addition, some expenditure tasks will continue to be paid until January 31, 2024 (the time to adjust the 2023 budget settlement) or will continue to be transferred to 2024 in accordance with the regulations of the State Budget Law and Public Investment Law.
The 2023 central budget reserve used until December 31, 2023 is VND 37.9 trillion (reaching 100% of the estimate), to buy vaccines for the Expanded Immunization Program; supporting localities in the Mekong Delta to prevent and combat landslides of river banks, coastlines and other localities to prevent and fight epidemics and supporting people affected by the Covid-19 pandemic, and supporting plant varieties, livestock, and aquatic breeds to restore production in areas damaged by natural disasters and epidemics, and supplementing funding to ensure national security and defense.
Following the Prime Minister's decision, the Ministry of Finance has issued 21,570 tons of national reserve rice to support localities in overcoming the consequences of natural disasters, providing hunger relief to the people during the Lunar New Year and the beginning of 2023.
During the year, the Ministry of Finance advised and submitted to the Government and Prime Minister solutions to direct, manage, and strengthen state budget discipline; cut recurrent expenditure estimates that have been assigned to ministries, central agencies and localities but have not been allocated as of June 30, 2023; proposed solutions to remove difficulties, speed up disbursement of public investment capital and national target programs.
The balance of the central budget and local budgets at all levels is guaranteed, VND298.5 trillion of Government bonds have been issued with average term of 12.58 years, average interest rate of 3.21%/year, sources to offset overspending and timely payment of principal of due loans from the central budget are ensured.
By the end of 2023, outstanding public debt is expected to be about 37% of GDP, Government outstanding debt is about 34% of GDP, lower than the ceiling and warning threshold allowed by the National Assembly in Resolution No. 23/2021/QH15.
Related News
![Customs industry’s revenue increases thanks to high value of four major import and export commodity groups](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/16/62024072309084120240724165751.jpg?rt=20240724165754?240726082004)
Customs industry’s revenue increases thanks to high value of four major import and export commodity groups
08:20 | 26/07/2024 Customs
![2025 budget estimation must be practical, accurate and efficient](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/13/croped/z5648711762772-4c57b15495cfcb197f8723d749fe4aa52024071917513120240723135923.jpg?240723023829)
2025 budget estimation must be practical, accurate and efficient
14:38 | 23/07/2024 Finance
Latest News
![Perfecting the legal framework to promote upgrading the stock market](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/22/croped/132024072310541020240725221344.jpg?240726081814)
Perfecting the legal framework to promote upgrading the stock market
08:18 | 26/07/2024 Finance
![Margin loan continues hit new record](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/fiin2024072315213620240724145347.jpg?240725092004)
Margin loan continues hit new record
09:20 | 25/07/2024 Finance
![Vietnam needs comprehensive regulatory framework to attract green financing](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/green-finance-566620240724141129.5511800.jpg?240724021157)
Vietnam needs comprehensive regulatory framework to attract green financing
14:11 | 24/07/2024 Finance
![The corporate bond market will be more vibrant in the second half of the year](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/22/15/croped/112024071818564620240722155216.jpg?240723082100)
The corporate bond market will be more vibrant in the second half of the year
08:20 | 23/07/2024 Finance
More News
![Prioritize resources and promptly supplement capital for policy credit](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/17/14/nhcsxh-quang-ninh-1202407022251172024071616173420240717141834.jpg?rt=20240717141837?240722100700)
Prioritize resources and promptly supplement capital for policy credit
10:06 | 22/07/2024 Finance
![Measures suggested to boost startups’ access to capital](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/21/19/croped/measures-suggested-to-boost-startups-access-to-capital-56220240721193808.3646770.jpg?240721073852)
Measures suggested to boost startups’ access to capital
19:38 | 21/07/2024 Finance
![Inflationary pressure seen from monetary policy](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/18/22/croped/12024071118383020240718224146.jpg?240721094724)
Inflationary pressure seen from monetary policy
09:47 | 21/07/2024 Finance
![Banks with the problem of promoting credit growth](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/18/22/croped/142024070515243520240718222634.jpg?240720064949)
Banks with the problem of promoting credit growth
18:49 | 20/07/2024 Finance
![Proposal to increase Special Consumption Tax on tobacco products](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/19/15/croped/z5638560592107-bb19f9b3b6635b5bb407c871b1aff5ea2024071615410820240719150329.jpg?240720095049)
Proposal to increase Special Consumption Tax on tobacco products
09:50 | 20/07/2024 Finance
![Savings of individual customers at banks hit record high](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/19/14/croped/362413-savings20240719143011.3054670.jpg?240719023032)
Savings of individual customers at banks hit record high
14:30 | 19/07/2024 Finance
![Managing fiscal policy has achieved many positive and comprehensive results](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/18/22/croped/z5634201788386-8cf5a37a33eec7b9e4b5f8d46c60d6dc2024071509390720240718221008.jpg?240719021205)
Managing fiscal policy has achieved many positive and comprehensive results
14:12 | 19/07/2024 Finance
![Determine tools, policy for inflation control](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/18/22/croped/5-3231-5-long2024071116215420240718223836.jpg?240719021141)
Determine tools, policy for inflation control
14:11 | 19/07/2024 Finance
![The impact of wage increases on inflation will not be too significant](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/12/16/croped/3-6d04b8d231c4939acad5202407041004242024070418415820240712160333.jpg?240718102331)
The impact of wage increases on inflation will not be too significant
10:23 | 18/07/2024 Finance
Your care
![Perfecting the legal framework to promote upgrading the stock market](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/22/croped/medium/132024072310541020240725221344.jpg?240726081814)
Perfecting the legal framework to promote upgrading the stock market
08:18 | 26/07/2024 Finance
![Margin loan continues hit new record](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/medium/fiin2024072315213620240724145347.jpg?240725092004)
Margin loan continues hit new record
09:20 | 25/07/2024 Finance
![Vietnam needs comprehensive regulatory framework to attract green financing](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/14/croped/medium/green-finance-566620240724141129.5511800.jpg?240724021157)
Vietnam needs comprehensive regulatory framework to attract green financing
14:11 | 24/07/2024 Finance
![2025 budget estimation must be practical, accurate and efficient](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/13/croped/medium/z5648711762772-4c57b15495cfcb197f8723d749fe4aa52024071917513120240723135923.jpg?240723023829)
2025 budget estimation must be practical, accurate and efficient
14:38 | 23/07/2024 Finance
![The corporate bond market will be more vibrant in the second half of the year](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/22/15/croped/medium/112024071818564620240722155216.jpg?240723082100)
The corporate bond market will be more vibrant in the second half of the year
08:20 | 23/07/2024 Finance