State revenue collection reached 31.7% of current appropriation in the first quarter

VCN - According to General Department of Statistics, State revenue collection in quarter 1 is estimated to increase 9.8% compared to the same period last year. In particular, expenditure rose 8.3% over the same period in 2023, ensuring the demand of socio-economic development, national defence, security, state management, making payment of liabilities as well as paying for the subjects on time as stipulated.

Accordingly, total state budget revenue in March 2024 is estimated to reach VND141.8 trillion. Accumulated total state revenue in the first quarter reached VND539.5 trillion, equal to 31.7% of current appropriation and rising 9.8% over the same period last year.

Domestic revenue in March 2024 is estimated to reach VND114.6 trillion. Accumulated first quarter achieved VND467.5 trillion, equal to 32.4% of current appropriation and increasing 13.5% over the same period last year. Revenue from crude oil in March 2024 is estimated to reach VND6 trillion. Accumulated first quarter achieved VND15.8 trillion, equal to 34.4% of current appropriation and growing 2.1% over the same period last year.

Balance revenue from export and import activities in March 2024 is estimated to reach VND21.2 trillion. The accumulated first quarter reached VND56.2 trillion, equal to 27.5% of the current appropriation and reducing 12.5% over the same period last year.

Regarding state budget expenditure, total state budget expenditure in March 2024 is estimated to reach VND140.3 trillion; estimated to reach VND393.5 trillion in the first quarter, equal to 18.6% of the current appropriation and increasing 8.3% over the same period last year. In particular, regular expenditure reached VND271 trillion, equal to 21.5% of the current appropriation and rising by 3.4% over the same period last year; development investment expenditure achieved VND89.9 trillion, equivalent to 13.3% and grew by 22.8%; debt and interest payments was VND32.5 trillion, equal to 29.1% and increased by 16.6%.

Economic recovery has created conditions for state budget revenue to grow quite well in the first quarter. Illustration photo
Economic recovery has created conditions for state budget revenue to grow quite well in the first quarter. Illustration photo

Notably, social investment capital in the first quarter at current prices increased by 5.2% over the same period last year. It reflected the domestic production and business situation tending to recover in many industries and fields. This increase will create momentum for continued breakthroughs in the following quarters, supporting economic growth in 2024 in a context where the economy still faces many difficulties and challenges.

Specifically, social investment capital in the first quarter at current prices is estimated at VND 613.9 trillion, increasing 5.2% over the same period last year, including capital of state sector estimated at VND162.7 trillion, accounting for 26.5% of total investment capital and increasing 4.9% over the same period last year; non-state sector reached VND340.7 trillion, accounting for 55.5%, an increase of 4.2%; foreign direct investment sector reached VND110.5 trillion, accounting for 18% and rising by 8.9%.

In the investment capital of the State sector, state budget capital in the first quarter is estimated at VND97.7 trillion, equal to 13.9% of the year's plan and climbing 3.7% over the same period last year.

According to the management level, central capital reached VND15.7 trillion, equal to 14.2% of the year's plan and declining 8.1% over the same period last year; local capital reached VND82 trillion, equivalent to 13.8% and increased by 6.4%. Among local management capital, provincial state budget capital reached VND54.8 trillion, equal to 13% and increased 5.8%; state budget capital at the district level reached VND23.6 trillion, equal to 15.6% and growing by 8%; State budget capital at the commune level reached VND3.6 trillion, equal to 17.2% and increased by 5%.

By Xuân Thảo/Thanh Thuy

Related News

The Customs sector collected more than VND 88 trillion in revenue in the first quarter of 2024

The Customs sector collected more than VND 88 trillion in revenue in the first quarter of 2024

VCN - The Customs sector's revenue collection results in March increased compared to the previous month, but in general, the result of the first quarter dropped compared to the same period last year.
Budget revenue collection for the first quarter of 2024 achieved quite well compared to current appropriation

Budget revenue collection for the first quarter of 2024 achieved quite well compared to current appropriation

VCN - In the first 3 months of 2024, total revenue collection is estimated to reach VND539.5 trillion, equal to 31.7% of current appropriation, an increase of 9.8% over the same period in 2023. According to the Ministry of Finance's assessment, revenue of the first quarter of 2024 is quite good compared to current appropriation, mainly due to the concentration of revenues arising in the fourth quarter of 2023 and the difference according to the tax finalization 2023 following the regime of declaration and payment to the state budget in the first quarter of 2024.
Digitalizing procedure for social welfare payment at State Treasury

Digitalizing procedure for social welfare payment at State Treasury

VCN - The Government has given directives to promote digital transformation in social welfare payments. Therefore, promoting the digitalization and electronicization of revenue and expenditure transactions at the State Treasury has been identified as one of the most important tasks.
Revenue collection of Customs sector dropped by 3% over the same period in the first quarter

Revenue collection of Customs sector dropped by 3% over the same period in the first quarter

VCN - The total import and export value of the country in the first quarter of 2024 reached US$145.59 billion, an increase of 18.2% over the same period in 2023. However, revenue collection in the first quarter (as of March 15) of the entire Customs sector decreased by 3% compared to the same period in 2023.

Latest News

Improving legal framework, ensuring accessibility to green bonds

Improving legal framework, ensuring accessibility to green bonds

VCN - This is the recommendation of Mr. Nguyen Tung Anh (photo), Head of Credit Risk Research and Sustainable Financial Services (FiinRatings) in an interview with Customs Magazine reporters about green bond market development in Viet Nam.
Foreign experts discuss ways to help Vietnam upgrade stock market

Foreign experts discuss ways to help Vietnam upgrade stock market

Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong has held a working session with representatives from FTSE Russell and Morgan Stanley to discuss how to upgrade the Vietnamese stock market.
Ambitious profit goals of banks

Ambitious profit goals of banks

VCN - With low profits and expectations of a better economic situation, banks "boldly" submitted to the General Meeting of Shareholders profit targets with high growth rates.
PM demands strengthened gold market management

PM demands strengthened gold market management

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.

More News

Budget expenditures reached VND393.5 trillion, growing 8.3% over the same period in the first quarter

Budget expenditures reached VND393.5 trillion, growing 8.3% over the same period in the first quarter

VCN - The Ministry of Finance said that the total balance of budget expenditure in March was estimated at VND140.3 trillion; accumulated budget expenditures in the first quarter of 2024 reached VND393.5 trillion, equal to 18.6% of current appropriation, an increase of 8.3% over the same period in 2023.
Inflationary pressure stems  from commodity price fluctuations

Inflationary pressure stems from commodity price fluctuations

VCN – According to a report from the Ministry of Finance, the domestic market prices in the first quarter were stable and fluctuated in accordance with the price management scenario of the Price Management Steering Committee. However, the current impact from adjusting the prices of essential goods is a pressure on inflation control.
SMEs offered loans at preferential rates of 1.2-4.4%

SMEs offered loans at preferential rates of 1.2-4.4%

To create additional capital mobilisation channels for small- and medium-sized enterprises (SMEs), Vietnam’s Small- and Medium-sized Enterprise Development Fund under the Ministry of Planning and Investment is offering SMEs loans at preferential interest rates of 1.2-4.4% per year.
Public investment disbursement needs to be accelerated to boost growth: insiders

Public investment disbursement needs to be accelerated to boost growth: insiders

Public investment is currently still an important growth driver, which needs to be accelerated so as to help the economy achieve a 6.5% growth this year, according to insiders.
Banks seek to attract foreign capital

Banks seek to attract foreign capital

VCN - Banks are actively developing plans to attract capital from foreign investors through various methods, aiming to enhance their capital "buffers" and improve their management and operational standards to meet international levels.
Continue to implement and complete important customs cooperation initiatives in ASEAN

Continue to implement and complete important customs cooperation initiatives in ASEAN

VCN - Talking to the press on the sidelines of the 28th ASEAN Finance Ministers' Meeting (AFMM 28) taking place in Luang Prabang, Laos, Vietnam’s Minister of Finance Ho Duc Phoc emphasized that the meeting affirms the determination of ASEAN financial agencies to strengthen cooperation and work together to solve common challenges of the region in the context of the world and the region facing many changes, difficulties and challenges.
28th AFMM, 11th AFMGM gain great success

28th AFMM, 11th AFMGM gain great success

VCN - In the framework of ASEAN 2024 Financial Cooperation, the 28th ASEAN Finance Ministers' Meeting, the 11th ASEAN Finance Ministers' and Central Bank Governors’ Meetings and related conferences were held in Luang Prabang, Laos from April 4-5. Minister of Finance Ho Duc Phoc led the delegation of the Ministry of Finance of Vietnam to attend the meetings.
Many positive signals from stock market upgrade

Many positive signals from stock market upgrade

VCN - Many crucial knots in the process of upgrading the stock market are being untangled by the Government and relevant agencies. Thanks to proactive moves from the management agencies, experts assessed that the stock market was likely to be upgraded according to the set objectives.
Promote the implementation of audit recommendations to prevent violations in public financial management

Promote the implementation of audit recommendations to prevent violations in public financial management

VCN - Recently, besides many ministries, branches, localities and units that have made efforts to implement audit conclusions and recommendations, there are still many conclusions and recommendations that have not been implemented. Many audit recommendations have been "on hold" for many years, leading to a backlog of financial resolution recommendations amounting to trillions of dong. For the implementation of recommendations to achieve high results and prevent violations in the management of public finances and public assets, there needs to be a synchronous solution from many sides.
Read More

Your care

Latest Most read
Improving legal framework, ensuring accessibility to green bonds

Improving legal framework, ensuring accessibility to green bonds

VCN - This is the recommendation of Mr. Nguyen Tung Anh (photo), Head of Credit Risk Research and Sustainable Financial Services (FiinRatings) in an interview with Customs Magazine reporters about green bond market development in Viet Nam.
Foreign experts discuss ways to help Vietnam upgrade stock market

Foreign experts discuss ways to help Vietnam upgrade stock market

Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong has held a working session with representatives from FTSE Russell and Morgan Stanley to discuss how to upgrade the Vietnamese stock market.
Ambitious profit goals of banks

Ambitious profit goals of banks

VCN - Setting the target of a sharp increase in profit is VPBank. According to the draft 2024submitted to the General Meeting of Shareholders, VPBank targets consolidated pre-tax profit in 2024 to increase by 114% compared to 2023, equivalent to VND 23,16
PM demands strengthened gold market management

PM demands strengthened gold market management

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.
Budget expenditures reached VND393.5 trillion, growing 8.3% over the same period in the first quarter

Budget expenditures reached VND393.5 trillion, growing 8.3% over the same period in the first quarter

The Ministry of Finance said that the total balance of budget expenditure in March was estimated at VND140.3 trillion
Mobile Version