State budget revenue increases by 10.1%

Thursday, 2021-07-22 17:57:30
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Important reports delivered at the ongoing 15th National Assembly’s first sitting on July 22, 2021. (Photo: NDO/Duy Linh)
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NDO – State budget collection in 2019 reached nearly VND1.56 quadrillion, up 10.1% compared to the estimate, according to a Government report at the 15th National Assembly (NA)’s first session on July 22.

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Minister of Finance Ho Duc Phuc, authorised by the Prime Minister, presented a proposal to the NA for approval regarding the 2019 State budget settlement.

According to the report, estimated state budget revenue for that year was over VND1.41 quadrillion, while the real collection was at nearly VND1.56 quadrillion, up 10.1% (equalling over VND142.3 trillion).

The central budget increased (including aid) by VND33.45 trillion, while local budgets also witnessed the same upward movement, increasing by VND108.86 trillion. Of which, domestic revenue (excluding revenue from crude oil) increased by 8.9% (VND104.48 trillion) compared to estimates.

Crude oil revenue increased by 26.1% (VND11.65 trillion) compared to estimates, mainly due to the increase in the average oil price as compared to the estimated price, with output reaching 11.04 million tonnes, up 5.8% (610,000 tonnes) compared to the estimate.

Revenue from import-export activities reached VND214.24 trillion, exceeding the estimate by VND25 trillion.

According to the government's report, the state budget expenditure estimate was at VND1.63 quadrillion, but real expenditure was only VND1.53 quadrillion, equalling 93.5% (a decrease of VND106.4 trillion) as compared to the estimate.

The relevant central ministries and local agencies have implemented well their budget expenditure in line with the assigned targets and estimates, thus helping stabilise the macro-economy and realise social security policies.

The Government submitted to the NA for consideration and approval the final settlement of State budget revenues and expenditures in 2019 as follows: total collection at VND2.14 quadrillion, total expenditure at VND2.11 quadrillion, and the State budget deficit at VND161.5 trillion, equal to 2.67% of GDP.

Chairman of the NA’s Finance and Budget Committee Nguyen Phu Cuong in a finalisation verification report said that in 2019, the world economy showed signs of slowing down, accompanied with domestic difficulties caused by natural disasters and climate change, but with the high determination of the whole political system and the people, socio-economic development tasks were fulfilled with all 12 from 12 targets reaching and some exceeding the set targets.

State budget revenue exceeded the estimates to meet spending needs, while overspending was reduced and public debt was within allowable limits, Cuong said.

In order to improve the efficiency of management and use of the State budget in the coming time, the committee proposed the Government continue to reform its collection policy to restructure the budget, while determining appropriate budget decentralisation to increase the activeness of localities but ensuring the leading role of the central budget.

The Government also needs to rectify the management of investment expenditure, continue to strengthen its control of overspending, and ensure public debt is within allowable limits in order to preserve national credit and guarantee national financial security.