Striving to achieve highest results for the state budget estimate in 2021

VCN - State budget revenue in the first 10 months of the year has ensured the estimated progress and increased over the same period last year, thanks to the growth momentum of the economy from the last months of 2020 and loosened social distancing measures in localities. From now until the end of the year, the Finance sector strives to complete the budget estimate of 2021 at the highest level.
October's revenue increased compared to August and September
According to General Department of Taxation, October's revenue increased compared to August and September

State budget revenue increases 5.5%

According to Minister of Finance Ho Duc Phoc, in the first 10 months of 2021, in the context of many difficulties and challenges in implementing budget management, the whole Finance sector strived to complete assigned tasks. Along with managing revenue collection closely following the schedule, the Finance sector has actively advised the Government and implemented fiscal policies to support economic recovery.

Data from the Ministry of Finance showed that the 10-month state revenue collection reached VND1,221 trillion, equaling 90.9% of current appropriation, increasing 5.5% over the same period in 2020.

Also according to the aggregated data of the State Treasury on Tabmis system, by the end of October 31, 2021, the 10-month state revenue equaled 91.1% of current appropriation. In particular, the central budget reached 87% of the current appropriation and the local budget reached 96.7% of the current appropriation.

Notably, after many localities have loosened social distancing from the end of September to the beginning of October, production and business activities began to return, which positively impacted October’s revenue collection. The result was better than the result in previous months.

Specifically, October's state budget revenue reached VND133.2 trillion. Accordingly, domestic revenue reached VND116.3 trillion, an increase of about VND59 trillion compared to September. Furthermore, October is the time when businesses declare and pay taxes following the regime that are allowed to be collected on a quarterly basis (such as CIT, PIT, VAT of enterprises that have turnover of less than VND20 billion arising in the third quarter of the year, it shall be paid in the beginning of the fourth quarter). At the same time, in October, VND16 trillion of VAT and CIT was collected for the state budget in accordance with Decree No. 52/2021/ND-CP dated April 19, 2021 of the Government.

According to Mr. Cao Anh Tuan, Director of the General Department of Taxation, due to the increase in oil prices, and many localities relaxing social distancing, the income from CIT and the extension to be paid by enterprises on October 31. Hence, October's revenue increased compared to August and September. In November and December, revenues will be reviewed.

The revenue of the localities is good but uneven, especially in the southern provinces and localities that have to apply social distancing measures, the revenue collection is low. There are 14 out of 63 localities that have reached less than 85% of the estimate. The General Department of Taxation recently also focused on supporting two key revenue collection localities, Hanoi and Ho Chi Minh City. In the near future, the General Department of Taxation will continue to support other localities following the collection management scenario in order to achieve the amount of revenue that is being reported to the National Assembly and try to have more than 55 localities complete the estimate.

Efforts at the highest level to reach the finish line

In October, the net revenues from import and export reached VND12.95 trillion based on the total tax revenue of nearly VND28 trillion; value-added tax refund under the regime is VND15 trillion. Accumulated net revenues from import-export in 10 months of 2021 reached VND190.25 trillion, equaling 106.6 percent of the current appropriation, up 27.7% over the same period last year.

According to the Director of the General Department of Vietnam Customs Nguyen Van Can, after the southern provinces loosened social distancing, the total import-export turnover in October increased by approximately 2%, leading to an increase in the revenue from import-export activities of October compared to September, reaching VND28 trillion. From now until the end of 2021, the Customs sector will undertake many different solutions to achieve the highest results in revenue from import-export activities.

Regarding state budget expenditure, the Ministry of Finance said that in the past 10 months, the state budget has spent VND1,149.4 trillion, equaling 68.1% of current appropriation.

State budget expenditure in October alone reached VND107.3 trillion. In particular, expenditure on development investment reached VND257.39 trillion, equaling 53.9% of the current appropriation decided by the National Assembly, payment of debt reached VND85.37 trillion, equaling 77.6% of the current appropriation, and recurrent expenditures reached nearly VND798.1 trillion, equaling 77% of current appropriation.

Particularly for disbursement of development investment capital, in the past 10 months, development investment expenditure reached 55.8% of the plan assigned by the Prime Minister. Domestic capital reached 60.89%, foreign capital reached 15.29% of the plan assigned by the Prime Minister.

There are seven ministries and 20 localities that have a disbursement rate of over 65%; 32 out of 50 ministries and 21 out of 63 localities have disbursement rates below 50%. The Ministry of Finance said that because the spending schedule was lower than the budget collection schedule, the total state budget balance in 10 months witnessed a surplus, however, the central budget balance experienced a deficit, and the local budget witnessed a large surplus.

Directing the financial management of the budget from now until the end of the year, Minister Ho Duc Phoc suggested that affiliated units must regularly review and inspect work progress, be proactive, creative and put efforts at the highest level; successfully implementing the financial and budgetary tasks in 2021; completing the task of developing legal documents, reporting problems in the process of drafting legal documents. Along with that, promptly advising the Government on fiscal policy in developing economic management scenarios and fiscal solutions to support growth, businesses and people to overcome difficulties caused by the pandemic.

Some key contents also emphasized by the Minister are effectively managing ODA loans; issue government bonds to cover overspending; definitively settle the recording of grants.

Regarding solutions for revenue collection, Minister Ho Duc Phuoc proposed tax authorities strengthen the application of information technology in management and promote collection solutions on digital platforms, accelerate the deployment of e-invoices, build a data center of e-invoices and manage it using artificial intelligence.

By Hoài Anh/Thanh Thuy

Related News

Tax sector accompanies and supports tax finalization

Tax sector accompanies and supports tax finalization

VCN - In the first months of 2024, the Tax sector has deployed peak months to support tax finalization in many different forms, thereby solving many problems in settlement of corporate income tax and personal income tax for taxpayers.
Looking forward clear instructions in tax finalization in 2023

Looking forward clear instructions in tax finalization in 2023

VCN - Mr. Hoang Quang Phong (photo), Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) discussed supporting taxpayers in tax finalization in 2023.
Urging issuance of e-invoices in petroleum retail

Urging issuance of e-invoices in petroleum retail

VCN - The Government, the Prime Minister, the Ministry of Finance and other agencies have issued many instructions to implement electronic invoices on every sale at petroleum retail stores. Besides the achieved results, this work still has difficulties. The tax sector has been taking drastic action to urge the coverage of e-invoices in the petroleum retail trading.
Revenue collection increased by 10.4% over the same period in 2023

Revenue collection increased by 10.4% over the same period in 2023

VCN - At the online progress meeting of financial and budget work in February and deploy tasks in March 2024 held by the Ministry of Finance, the Minister of Finance Ho Duc Phoc stressed that in the context of an increasingly difficult economy, while the budget collection task becomes increasingly difficult, it is necessary to focus on promoting revenue management, tax refund work, and creativity in budget collection work.

Latest News

Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially during the peak month of tax settlement.
“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

VCN - To complete the task from now until the end of 2024 and successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Effectively apply M&A to go long distance

Effectively apply M&A to go long distance

VCN - With advantages such as being cheaper than domestic capital, and accompanied by many factors such as technology, skills, management, market... foreign capital is a popular trend among businesses. Domestic enterprises seek through M&A activities to ensure sustainable development for the future.

More News

Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury proactively digitizes and transforms operating methods

VCN - Hanoi State Treasury always proactively transforms and reforms its operating methods with the motto of “taking customers as the center” and taking the satisfaction of organizations and individuals as a measured level of task completion by civil servants.
The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

VCN - The Ministry of Finance aims to continue to strongly improve the business environment, create a healthy competitive environment, rapidly increase the number of newly established businesses, and reduce the rate of businesses temporarily suspending operations; reduce input costs and legal compliance costs in investment and business activities, reduce policy risks, strengthen trust, create a fulcrum for recovery and improve business resilience.
Vietnam tackles obstacles to stock market upgrade

Vietnam tackles obstacles to stock market upgrade

Vietnam's ambition to elevate its stock market from "frontier" to "emerging" status by 2025 faces two key hurdles, including pre-trade margin requirements for foreign investors and foreign ownership ratios in certain sectors, said Deputy Director of the Securities Market Development Department under the State Securities Commission (SSC) Pham Thi Thuy Linh.
Proactive in dealing with exchange rate pressure

Proactive in dealing with exchange rate pressure

VCN - Recently, the State of Bank (SBV) withdrew VND 30,000 billion through the T-bills channel, contributing to reducing exchange rate pressure. This is just one of the moves of the monetary policy management agency to stabilize the foreign exchange market, contributing to supporting the macro economy as well as import-export business activities of enterprises.
Minister of Finance: Fairness and transparency for the insurance market

Minister of Finance: Fairness and transparency for the insurance market

VCN - According to Minister of Finance Ho Duc Phoc, the Ministry has strengthened inspections to correct violations in the insurance sector, demonstrating fairness and transparency in the market.
Vietnamese securities companies race to boost capital amid high market demand

Vietnamese securities companies race to boost capital amid high market demand

These companies understand the importance of boosting their capital to remain competitive and avoid falling behind their peers.
Central bank required to take urgent measures to stabilise gold market

Central bank required to take urgent measures to stabilise gold market

The Government has directed the State Bank of Vietnam (SBV) to urgently inspect and supervise to stabilise the gold market.
Revenue from casino contributes about VND9,000 billion to the State budget

Revenue from casino contributes about VND9,000 billion to the State budget

VCN - The management of lottery and casino business activities is one of contents asked by National Assembly delegates to Minister of Finance at the question and answer session took place on the morning of March 18, within the framework of the 31st session of the National Assembly Standing Committee.
Credit and access to credit: A problem for banks and businesses

Credit and access to credit: A problem for banks and businesses

VCN - Since the beginning of the year until now, the Prime Minister, the Government and the State Bank (SBV) have continuously issued instructions to promote credit, but the situation of banks having excess cash and businesses lacking capital is still a concern of the economy.
Read More

Your care

Latest Most read
Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially dur
“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

To successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Effectively apply M&A to go long distance

Effectively apply M&A to go long distance

VCN - Sharing at the conference "Consumer goods and distribution industry: M&A trends and investment strategies to raise capital for Vietnamese enterprises", organized by the Business Association of High Quality Vietnamese Goods and the Leading Business C
Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury always proactively transforms and reforms its operating methods with the motto of “taking customers as the center” and taking the satisfaction of organizations and individuals as a measured level of task completion by civil servants.
Mobile Version