Seven-month state budget collection up 11.6%

The State budget collection total, in the first seven months of this year, was estimated at VND666.7 trillion (approx. US$29.3 billion), an increase of 11.6% over the same period last year.

Inspecting import and export activities at Hanoi’s My Dinh Inland Container Depot. (Credit:
Inspecting import and export activities at Hanoi’s My Dinh Inland Container Depot. (Credit:

The amount is equivalent to 55% of the yearly estimates, announced the Ministry of Finance on August 11.

In the reviewed period, domestic collection reached VND532.5 trillion (US$23.4 billion), up 9.4%, accounting for 53.8% of the year’s estimates.

The budget’s revenues from crude oil and import-export activities stood at over VND27 trillion (US$1.2 billion) and VND165 trillion (US$7.3 billion), up 16.2% and 8.9%, respectively.

According to the ministry, progress in budget collection across all localities was quite positive compared to the yearly plan and increased over the same period of last year, with 43 out of the 63 provinces and cities collecting 56% of their estimates.

Meanwhile, total budget spending was VND695.2 trillion (US$30.6 billion), up 8.7% annually. Of which, the budget investment for development was VND119.4 trillion (US$5.3 billion) in the reviewed period, up 15.1% annually.

Regarding capital mobilisation, as of July 31, the total volume of government bonds and government underwritten bonds was at VND201.5 trillion (US$8.9 billion).

The Ministry of Finance said that in August the ministry will organise a discussion on the State budget estimates for 2018, and plans for the three fiscal years from 2018 to 2020, with the relevant ministries, agencies, localities and companies. The plan for capital mobilisation in the third quarter of 2017 will also be announced.

The ministry also urged for the strict implementation of solutions on State budget collection and the prevention of budget deficit, while intensifying the inspection of tax examinations, post-customs clearance, value added tax refunds, in addition to severely handling any violations and actively recovering tax arrears to avoid long outstanding debts.