Revenue from crude oil hits target

	Crude oil sharply declined in volume and turnover
	2018: Gasoline prices impact on CPI is not worrying
	Exporting crude oil and coal are going to decline significantly

The average price of crude oil in the first 7 months of 2018 was US$ 72/ barrel, up US$ 22/ barrel compared to the estimate. Photo:H.V

Revenue increased by 13.4%

The State revenue in the first 7 months was estimated at VND 775 trillion, equivalent to 58.7% of the estimate, a year-on-year increase of 13.4%.

Of which, domestic revenue was estimated at VND 621.57 trillion, equivalent to 56.5% of the estimate, a year-on-year increase of 14.3%. Excluding specialized revenue, the remaining domestic revenue was estimated at VND 479.5 trillion, equivalent to 55.3% of the estimate, a year-on-year increase of 12.6%. The domestic revenue of 45 of 63 provinces reached the estimate (over 58%); the domestic revenue of 57 of 63 provinces was higher than the same period in 2017.

As of July 2018, the Tax authority conducted 30.2 thousand Tax inspections and examinations; collected nearly VND 5.8 trillion contributing to the State budget; revenue from the anti transfer pricing and losses reduction was VND 9000 billion, and collected nearly VND 18 trillion of tax debts. The Customs authority conducted 4.4 thousand post-clearance audits and contributed VND 1.48 trillion to the State budget; seized and handled 6.27 thousand cases of smuggling and trade fraud, increasing revenue by VND 85 billion.

Revenue from crude oil was estimated at VND 35.4 trillion, equivalent to 98.5% of the estimate, a year-on-year increase of 34.3%. The average price of crude oil in the first 7 months was US$ 72/ barrel, an increase of US$ 22/barrel compared to the estimate; the output was estimated at 7.1 million tons, accounting for 62.8% of the estimate, equivalent to 90% compared to the same period in 2017.

Revenue from imports and exports was estimated at VND 172.5 trillion, equivalent to 61% of the estimate, a year-on-year increase of 3.4%.

The imports and exports in the first 7 months sustained a significant growth with total value increasing by 12.7% compared to the same period in 2017 after conducting VAT refunds under the regime (VND 56.5 trillion).

Ensure Budget balance

Regarding State budget expenditure, the accumulative expenditures in the first 7 months were VND 759.7 trillion, equivalent to 49.9% of the estimate, a year-on-year increase of 9.8%. Expenditure for development and investment was VND 150.45 trillion, equivalent to 37.6% of the estimate, an increase of 26%; expenditure for interest payment was VND 68.8 trillion, equivalent to 61.1% of the estimate, up 10.4%, ensured the accurate and prompt debt repayment as committed; Recurrent expenditure reached VND 534 trillion, equivalent to 56.8% of the estimate, an increase of 5.1%.

In July 2018, the State Treasury system implemented expenditure control was estimated at VND 415,410 billion, reaching 42.5% of the estimate of recurrent expenditure 2018; detected 6,010 expenditures that failed to comply with procedures and regulations, the actual amount to be refused payment was VND 7.3 billion.

PetroVietnam’s contribution to state budget falls on low oil prices The government has told the company to increase production after crude oil prices plummeted 33.4 percent.

The central and local budget balance was ensured, as of 25th July 2018, VND 105 trillion of Government bonds were issued, reaching 38.1% of the plan.

In July 2018, the State Treasury held two bond auctions. The mobilized capital was VND 6,320 billion. In the first seven months, the total mobilized capital reached VND 95,901 billion, equivalent to 34.8% of the assigned plan (VND 275,970 billion).

Domestic capital mobilization in the first 7 months was VND 105,001 billion (equal to 38.05% of the plan); Foreign capital mobilization by the Government was US $ 844.2 million through 11 loan agreements.