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Due to the influence of the Lunar New Year, the domestic revenue in February 2019 was estimated at VND 69.5 trillion, equal a half of January’s revenue. Photo: H.Van

Revenue reached VND 84.8 trillion

Right from the beginning of 2019, the Ministry of Finance issued a decision to release an action program to implement the Government's Resolution No. 01 / NQ-CP on the main tasks and solutions to realize the Socio-Economic Development Plan and State budget estimates in 2019, and Resolution No. 02 / NQ-CP of the Government on further performing the main tasks and solutions to improve the business environment and improve national competitiveness in 2019 and orientations to 2021.

The plan states 8 key task groups, 112 specific tasks, including 40 tasks chaired by the Ministry of Finance and 72 tasks carried out in coordination with ministries, central agencies and localities.

Basing on the above action plan, the heads of the units under the Ministry should focus on directing the implementation from the beginning of the year and strive to achieve the highest objectives and 2019 financial budgetary tasks set out.

According to the latest statistics from the Ministry of Finance, the total state budget revenue in February 2019 was estimated at VND 84.8 trillion. Thus, after the first 2 months of the year, the revenue reached nearly VND 246.5 trillion, equal to 17.5% of the estimate, up 18.2% over the same period in 2018.

In which: Due to the influence of the Lunar New Year, domestic revenue in February was estimated at VND 69.5 trillion, equal to a half of January’s revenue. Accumulated revenue for the 2 months was approximately VND 204.8 trillion, equal to 17.4% of the estimate, up 19% compared to the same period in 2018.

Revenue from oil in 2 months was approximately VND 8.7 trillion, equivalent to 19.5% of the estimate, down 1.7% compared to the same period of 2018. The world’s crude oil price from the end of December 2018 until now has been in recovery trend but is not yet remarkable. Vietnam's average oil price was US$ 62/ barrel, US$ 3 / barrel lower than the estimated price; productivity was estimated at 2.1 million tons, equal to 20.8% of the plan.

Balanced revenue from import and export activities in 2 months reached VND 51.5 trillion, equivalent to 17.1% of the estimate, up 16.8% compared to the same period in 2018. Import and export activities in February 2019 maintained the growth momentum, in which import turnover increased by 6.7% over the same period.

108 expenditures have not fulfilled sufficient procedures

For the state budget spending, the total balanced budget expenditure in February 2019 was estimated at VND 103.2 trillion , the accumulated expenditure in the first 2 months was about VND 195.4 trillion, equal to 12% of the estimate, a year-on-year increase of 9.6%.

In general, the budget spending tasks in February and the first 2 months of 2019 are in accordance with the estimates and the implementation schedule of the budget using units, and in compliance with the social security task.

As of February 28, 2019, the Ministry of Finance issued VND 62,194 of Government bonds. In particular, following the National Assembly’s Resolution, the Ministry of Finance issued VND 7,000 billion of Government bonds to receive debt in 2019 with Vietnam Social Insurance for social insurance payments of employees working for the state units since January 1, 1995 and earlier, and to pay interest for the time when the debt has not been received in accordance with regulations.

Accumulating the settlement capital from the beginning of the year to February 15, 2019, the State Treasury system control VND 115,160 billion dong, reaching 11.04% of the state budget's recurrent expenditure estimates through the State Treasury (excluding expenditures for paying debts, aids, supplementing financial and reserve fund). Through the control of the state budget expenditure, the units have discovered 108 expenditures that have not yet fulfilled the prescribed procedures and have been requested for additional necessary procedures and the real amount refused for payment was VND 1.5 billion.

Carrying out the Prime Minister's decision, in the first 2 months of 2019, the Ministry of Finance allocated over 41,200 tons of national reserve rice to support people during the Lunar New Year.

As for the implementation of capital construction investment, as of February 26, 2019, 49/50 ministries, central agencies and 63/63 localities sent plans for capital allocation in 2019 to the Ministry of Finance. In particular, the total capital allocated by ministries, central agencies and localities to project owners was VND 332,201 billion, equaling 93.3% of the assigned plan.

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Due to being in the process of allocating, announcing the investment capital plan for investors and affected by the Lunar New Year, the allocated capital of the first 2 months of the year was insignificant (reaching VND 16,210 billion, reaching 3.89% of the National Assembly's plan and 4.52% of the plan assigned by the Prime Minister.