State budget revenue in 2021 reaches the finish line a month early

VCN - According to Ministry of Finance, despite being severely affected by the Covid-19 pandemic, with drastic and flexible management, state revenue collection in 11 months of 2021 still ensured the progress of current appropriation. It also increased over the same period last year. By the end of November, the revenue collection of 2021 has reached the target for the whole year.
Revenue collection in 2021 has reached the finish line after 11 months. Source: Internet
Revenue collection in 2021 has reached the finish line after 11 months. Source: Internet

Domestic revenue is equal to 100.6%, import-export revenue is equal to 118% of the estimate

According to the Ministry of Finance, state revenue collection in November is estimated at VND128.8 trillion. Domestic revenue in November is estimated at VND107.29 trillion.

Besides that, in November, the State budget collected about VND8.7 trillion of value-added tax and land rent, which has expired complying with Decree No. 52/2021/ND-CP dated April 19, 2021 of the Government.

Along with that, revenue from crude oil in November is estimated at VND4.5 trillion and revenue from import-export in November is estimated at VND17 trillion.

State revenue collection in 11 months is estimated at VND1,389.2 trillion, equaling 103.4% of current appropriation, up 8.9% over the same period in 2020 (the central budget is estimated at 98.5% of current appropriation; local revenue collection is estimated at 109.5% of current appropriation).

Accordingly, domestic revenue is estimated at VND1,139.7 trillion, equaling 100.6% of the current appropriation, up 6.2% over the same period in 2020 (the same period in 2020 reached 96.5% of the estimate, down 6.8%); revenue from crude oil is estimated at VND38.1 trillion, equaling 164.2% of current appropriation, up 20% over the same period; the average oil price in 11 months reached $67.5/barrel, $22.5/barrel higher than the estimated price; payment output is estimated at 8.1 million tons, equaling 100.9% of the plan.

Revenues from import-export is estimated at VND210.6 trillion, equaling 118% of current appropriation, up 24.3% over the same period on the basis of the total estimated tax collection of VND347.1 trillion, equal to 110.2% of current appropriation, up 20.5% over the same period last year, mainly due to the sharp increase in import-export turnover in 11 months.

Notably, import-export turnover with tax is estimated to increase by 29.4% over the same period last year; VAT refund under the regime is about VND136.49 trillion, approximately 100% of current appropriation.

According to state revenue data updated by the end of November 30, 2021 on the Tabmis system of the State Treasury, 11 months' state revenue reached VND1,392.8 trillion, equaling 103.69% of current appropriation (the central budget reached 98.53% of current appropriation, the local budget reached 110% of current appropriation), of which the domestic revenue reached VND1,144 trillion, equaling 100.93% of current appropriation; revenue from crude oil reached VND38.4 trillion, equaling 165.65% of current appropriation and revenues from import-export reached VND209.6 trillion, equaling 117.44% of current appropriation.

State budget expenditure in November is estimated at VND121.4 trillion

Regarding state budget expenditure, the total expenditure in November is estimated at VND121.4 trillion. Accumulated spending in 11 months is estimated at VND1,268.86 trillion, equaling 75.2% of current appropriation. In particular, development investment expenditure is estimated at nearly VND294.6 trillion, equaling 61.7% of current appropriation decided by the National Assembly; debt service expenditure is estimated at VND90.18 trillion, equaling 81.9% of current appropriation; recurrent expenditure reached VND874.8 trillion, equaling 84.4% of current appropriation.

Overall, the 11-month state budget balance witnessed a surplus, in which, the central budget balance was overspent, and the local budget experienced a large surplus. The Ministry of Finance has actively managed the issuance of Government bonds to both effectively use the state budget, ensure sources of payment, timely pay due principals, and contribute to directing market development and public debt restructuring. By November 26, 2021, VND288 trillion of Government bonds has been issued with an average term of 13.51 years, and an average interest rate of 2.28%/year.

In 11 months, the Ministry of Finance has also spent VND56.27 trillion. Accordingly, spending on pandemic prevention is VND34.34 trillion and supporting people facing difficulties due to the Covid-19 pandemic is VND21.93 trillion. In particular, the central government has spent VND25.35 trillion and localities have spent VND30.92 trillion from local budgets on pandemic prevention and supporting people facing difficulties due to Covid-19.

The Prime Minister has decided to spend the Covid-19 vaccine fund of VND7,940.1 billion to buy vaccines. In addition, implementing the Prime Minister's decision, the supplies and equipment of national reserve have been used to serve pandemic prevention and control; 153,400 tons of rice of national reserve has been delivered to people to overcome the consequences of natural disasters during the Tet holiday and some localities affected by the Covid-19 pandemic.

Particularly, the disbursement progress of development investment capital in 11 months has only reached 63.86% of the plan assigned by the Prime Minister, of which domestic capital reached 69.19%, foreign capital only reached 21.51% of the plan.

There are seven ministries, central agencies and 14 localities achieved the disbursement rate over 70% of the plan. Thirty-four ministries, central agencies and 18 localities have a disbursement rate reaching less than 55% of the plan. Notably, three agencies have not yet disbursed the capital plan assigned in 2021.

By Hoài Anh/Thanh Thuy

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