Budget revenue in the first four months of 2019 continued to have surplus

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The increase in domestic revenue is lower than 2018. Photo: H.V

52 of 63 localities reached estimate

In the first four months, domestic revenue reached 424.96 trillion VND, equivalent to 36.2% of the estimate but slower than the same period in 2018, only increasing by 14% instead of 16% in 2018.

The domestic revenue has shown that together with the positive development of the economy from the end of 2018 until now, the production and business of some sectors in the first months of 2019 still maintains the high growth rate compared to 2018.

The growth rate of the first quarter of 2019 compared to 2018 of the Index of Industrial Production (IIP) was 9.2%, of which the processing and manufacturing industry increased by 11.1%; electricity production and distribution by 9.4%; total retail sales of goods and consumer service revenue increased by 12%.

The Tax authority has focused on collecting revenue from the beginning of the year, reviewing and understanding tax payers and budget revenues in the area, checking the tax declaration and tax finalisation of enterprises, and striving to accurately and sufficiently and promptly collect the arising amount into the State budget.As a result, the results of tax declaration and payment of enterprises in the first fours months of 2019 are relatively positive and uniform in large sectors.

Revenue from the State-owned sector reached 34.7% of the estimate, up 20.9%; revenue offoreign direct investment enterprises reached 34.7% of the estimate, up 14.7%; revenue of thenon-State economic sector reached 36.4% of the estimate, up 14.9%; revenue from Personal Income Tax reached 40.7% of the estimate, up 17.9%; and revenue from fees and charges reached 33.5% of the estimate, up 17.4% compared to 2018.

It is estimated that the domestic revenue of 52 of 63 localities reached the estimated progress (more than 32%), of which revenue of 40 localities exceeded 35% of the estimate; the domestic revenue of 56 of 63 localities was higher than and seven localities was lower than compared to 2018.

Revenue from crude oil in the first four months wasestimated at 18.29 trillion VND, equivalent to 41% of the estimate, down 2.2% compared to 2018 with the average price of crude oil reaching 65 USD/barrel, equal to 94.5% compared to 2018; production was estimated at 3.9 million tons, equivalent to 37.3% of the plan,98.3% compared to 2018.

Revenue from import and export activities was estimated at 73.9 trillion VND, 39.1% of the estimate, up 17.3% compared to 2018 on the basis of total estimated revenue of 111.6 trillion VND, equivalent to 37.1% of the estimate, up 21.6% compared to 2018; and the revenue from the Value-added Tax Refund was about 37.7 trillion VND, equivalent to 33.9% of the estimate.

State revenue targets among Customs Departments are always adjusted

The Customs authorities have strengthened post-customs clearance audit and coordinated with relevant forces to fight smuggling, trade fraud and counterfeit goods, thus positively impacting these sectors’ revenues.

Expenditure is lower than revenue

For State budget expenditure, in the first four months, the whole country was estimated at 114.2 trillion VND; accumulatedexpenditure reached 429.8 trillion VND, equivalent to 26.3% of the estimate, up 4.4% compared to 2018. Specifically, expenditure for development investment was 68.5 trillion VND, equivalent to 16% of the estimate, increasing by 5.4%. Expenditure for interest payment was 39.69 trillion VND, equalto 31.8% of the estimate, down 4.9%; recurrent expenditure was 319.68 trillion VND, equivalent to 32% of the estimate, up 5.4% compared to 2018.

Asexpenditure was lower than revenue, the balance of the State budget in April and the first four months continued to have the surplus. In this context, the Ministry of Finance has managed the issuance of Government bonds to both effectively use the sState budget, and ensure payment sources and timely pay principal debts, contributing to orienting the development of the market and restructuring public debt.

The total amount of issued Government Bonds is 82 trillion VND (excluding 7 trillion VND of debt issuance with Vietnam Social Insurance according to the Resolution of the National Assembly) with an average term of 12.51year, and the average interest rate of 4.92% a year.

As of April 26, 2019, the total mobilised capital was 83,919.5 billion VND, reaching 27.34% of the assigned plan.