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Customs supervision at Cai Lan Port, Quang Ninh. Photo: T.Trang.

Domestic revenue increases by 12.8%

In the structure of revenues,the domestic revenue of seven months is estimated at VND724.68 trillion, equaling 61.8% of the estimate, up 12.8% over the same period in 2018 (reaching 58.4% of the estimate, up 18%).

According to the Ministry of Finance, along with the positive development of the economy from the end of 2018 to now, the production and business activities of some industries in the first months of 2019 maintained high growth momentum over the same period.

The tax agency has focused on collecting revenue from the beginning of the year, reviewing and firmly grasping the budget revenues in the area, checking tax declarations, tax finalizations of enterprises, striving to collect rightly,fully andpromptly the amounts arising into the state budget. The resultsof tax declaration and payment of enterprises in the first seven months of 2019 are relatively positive and evenly distributed in large economic sectors.

It is estimated that 53 of 63 localities have reached the estimated progress(over 58%), of which 42 localities have achieved over 61% of the estimate; 56 of 63 localities collected higher than the same period, seven localities hadbudget revenues that were lower than the same period such as: Ha Giang, Thai Nguyen, BacGiang, Son La, Dien Bien, QuangNgai and BinhPhuoc.

The revenues from crude oil in the past seven months reached VND34.35 trillion, equaling 77% of the estimate, down 3.4% over the same period in 2018. The average payment price of oil from the beginning of the year is estimated at 67.9 USD/barrel, 2.9 USD/barrel higher compared to the estimated price, equal to 93.6% over the same period; production was estimated at 7.1 million tons, equaling 68% of the plan, approximately the same as in 2018.

The revenue from import and export activities in July prospered with an increase of VND1.1 trillion compared to the previous month, estimated at VND28.5 trillion. Thus, the seven-month revenue is estimated at VND130.5 trillion, equal to 69% of the estimate, up 11.7% compared to the same period in 2018 on the basis of total estimated revenue of VND205 trillion, equal to 68.2 % of the estimate, up 17.9% over the same period in 2018. The value-added tax refund according to the regime is about VND74.5 trillion, equaling 66.9% of the estimate.

Getting this result, the Customs agency has actively strengthened post clearance audit; coordinated closely with functional forces to fight against smuggling, trade fraud and fake goods; thus, there was a positive impact on the revenue of this area.

Continuing surplus

The total of state budget expenditure in seven months reached VND776.86 trillion, equaling 47.6% of the estimate, up 2.3% compared to the same period in 2018.

Specifically,expenditure on development investment reached VND134.49 trillion, equaling 31.3% of the estimate, down 10.6%; interest debt payment reached VND68.16 trillion, equaling 54.6% of the estimate, equaling 100.2%; regular expenditures reached approximately VND566 trillion, equaling 56.6% of the estimate, up 5.9% over the same period in 2018.

Due to spending progress beinglower than budget collection schedule, balancing the state budget in July and seven months continues to have a surplus. The Ministry of Finance has taken the initiative in administering the issuance of Government bonds to effectively use the state budget and ensure payment sources, timely repaying due debts and contributing to orientate market development andrestructure public debt.

In the first seven months of the year, the State Treasury system has controlled about VNd454,258 billion for investment and regular expenditures of the State budget, through which documents of6,392 expenditures have not been completed according to regulations and requested, supplementing necessary procedures and the real amount of refusal to pay is VND16.2 billion.

A total of nearly VND137.9 trillion of government bonds have been issued (including VND7 trillion of debt issuance with Vietnam Social Insurance under the Resolution of the National Assembly) with an average term of 13.62 years, the average interest rate is 4.93%/year.

The repayment of the Government is about VND194,612 billion, of which domestic debt payment is about VND164,491 billion and foreign debt payment is about VND30,121 billion. The government's debt repayment obligation is basically paid in a timely manner and there is no delay in debt payment.