Government revenues from crude oil down nearly 66% in January

Thursday, 2016-02-04 09:48:59
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Revenues from crude oil saw a 65.7% year-on-year decrease in January 2016. (Credit: VNA)
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NDO – Government revenues were estimated at VND102.6 trillion (US$4.6 billion) in the first month of 2016, equivalent to 10.1% of the year’s estimate and 95% of the same period last year, according to statistics by the Finance Ministry. 

Of this figure, inland revenues reached VND93 trillion (US$4.18 billion), up 5.8% compared to the end of last January, with year-on-year increases seen in key revenues from the non-state industrial and trade sector (up 14.2%), the foreign-invested business sector (up 13.7%) and personal income tax (up 20%).

However, revenues from crude oil only reached VND3.2 trillion (US$144 million), equivalent to 5.9% of the estimate for 2016 and down 65.7% against the same period of 2015, which was attributed to a reduction in oil prices in the market, at just around US$30 per barrel.

Revenues from imports and exports also saw a year-on-year decline of 19.8% last month, at VND17.8 trillion (US$801 million).

Government spending in January was estimated at VND107.8 trillion (US$4.85 billion), equivalent to 8.5% of the year’s estimate, resulting in a spending surplus of about VND5.26 trillion (US$236.7 million).