2023 revenue exceeds 8.1% of estimate

VCN - The Ministry of Finance reported that State budget revenue by the end of December 31, 2023 is estimated at VND1,752.5 trillion, exceeding 8.1% (or VND131.75 trillion) of the estimate.
Many factors greatly affect revenue of Hai Phong Customs Many factors greatly affect revenue of Hai Phong Customs
Import-export in 2023 reach the set target of around 680 billion USD 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 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.
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.

By Hoai Anh/ Huyen Trang

Related News

Vietnam

Vietnam's daily import expenditure surpasses VND25,000 billion

VCN - From the beginning of the year to mid-October, on average, Vietnam spent more than USUS$1 billion (equivalent to more than VND25,000 billion) each day importing goods.
Khanh Hoa Customs reaches revenue target 1 quarter early

Khanh Hoa Customs reaches revenue target 1 quarter early

VCN - Many key import items increased sharply, along with efforts in trade facilitation, tax debt collection, so in just 9 months of 2024, Khanh Hoa Customs Department completed the state budget revenue target.
3 items have a big impact on the budget revenue of Ho Chi Minh City Customs

3 items have a big impact on the budget revenue of Ho Chi Minh City Customs

VCN - Automobiles, petroleum, and steel are three items that account for nearly 35% of the total state budget revenue of Ho Chi Minh City Customs Department. Therefore, fluctuations in these revenue sources will greatly impact the state budget revenue of the entire Department.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.

Latest News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.

More News

State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Accelerating decentralization in public asset management

Accelerating decentralization in public asset management

VCN - Amending the Law on Management and Use of Public Assets aims to improve regulations on accelerating decentralization and improving efficiency in management and use of public assets, and promoting financial resources, ensuring that the unified application the Law on Management and Use of Public Assets and other legal documents.
Difficulty in finding banks eligible to receive compulsory transfers

Difficulty in finding banks eligible to receive compulsory transfers

VCN - Reporting to the National Assembly, the State Bank of Vietnam (SBV) said that one of the difficulties in restructuring the credit institution system is the long process of finding and negotiating banks eligible to receive compulsory transfers.
Businesses can choose a suitable electronic invoice model generated from the cash register

Businesses can choose a suitable electronic invoice model generated from the cash register

VCN - The Ministry of Finance said that individual business households can choose a suitable model to apply electronic invoice solutions from cash registers, depending on the number of invoices used in the year, in the month and the current status of software solutions and technical infrastructure.
Banks show positive results during third quarter

Banks show positive results during third quarter

Several banks have recently announced startling business performance results in the third quarter of 2024 and the first nine months of 2024.
Read More

Your care

Latest Most read
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigne
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

According to the report of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Mobile Version