According to the Ministry of Finance, the budget reduction was due to the impact of the COVID-19 pandemic.
Specifically, domestic revenue was posted at over VND1.06 quadrillion, equivalent to 84.4% of the estimate, down 4% over the same period last year. Revenue from crude oil reached VND31.5 trillion, equivalent to 89.5% of the estimate, down 38.9% over the same period last year.
Meanwhile, revenue from import and export activitieswas reported at over VND161.5 trillion, reaching 77.6% of the plan and down 19.6% over the corresponding period in 2019.
Total budget spending in the 11-month period was recorded at over VND1.36 quadrillion, equivalent to 78.4% of the estimate and up 8.5% over the same period last year.
The Finance Ministry said that the State has spent approximately VND17.9 trillion on pandemic prevention and control as well as supporting people affected by the pandemic in addition to over VND4.54 trillionovercoming the consequences of natural disasters and African swine fever.
The Finance Ministry has asked relevant agencies to effectively implement solutions on budget collection, spending and management in order to fulfil all tasks on budget collection in 2020.
In addition, the taxation and customs sectors will perform solutions on tax and fees to support enterprises inrestoring and fuelling their business activities, contributing to stimulating economic growth.
