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.
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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

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