Vietnam budget overspending expands to US$1.63 billion in 9 months

02:17' PM - Tuesday, 02/10/2018

State budget revenues as of September 15 reached VND898.3 trillion (US$38.24 billion), equivalent to 68.1% of the year`s estimate.

Vietnam saw a budget deficit of VND38.3 trillion (US$1.63 billion) from the beginning of the year to September 15, expanding from a deficit of VND6trillion (US$257.45 million) recorded 15 days earlier, according to the General Statistics Office (GSO).

Overall, state budget revenues as of September 15 reached VND898.3 trillion (US$38.24 billion), equivalent to 68.1% of the year's estimate.

Of the total, collections from domestic taxes and fees in the period stood at VND710.1 trillion (US$30.22 billion) or 64.6% of the year's estimate, of which, the state sector contributed VND99.7 trillion (US$4.24 billion) or 59.9% of the year's plan, the FDI sector VND119.8 trillion (US$5.09 billion) (excluding crude oil) or 53.7%. Moreover, VND139.7 trillion (US$5.94 billion) was collected from non-state industrial, commercial and service taxes, equaling 64.1% and VND30.5 trillion (US$1.29 billion) from tax on environmental protection or 62.4%.

Revenue from trade jumped to VND140.9 trillion (US$5.99 billion) or 78.7% of the estimate, and that from crude oil exports totaled VND43.5 trillion (US$1.85 billion) or 121.2%.

Additionally, personal income tax contributed VND65.5 trillion (US$2.78 billion) to the state budget or 67.7% of the year's estimate, and land use rights VND81.6 trillion (US$3.47 billion) or 95.1%.

Meanwhile, Vietnam's state budget expenditures as of September 15 totaled VND936.6 trillion (US$39.86 billion), equivalent to 61.5% of the year's plan. Of the total, regular spending reached VND651 trillion (US$27.69 billion) or 69.2%. Expenditure for development investment reached VND192.8 trillion (US$8.2 billion) or 48.2% and interest payment of VND79.3 trillion (US$3.37 billion) or 70.5%.

This year is considered as an important transitional year, following the elimination of tariff barriers for commodities imported from ASEAN countries, of which over 90% of the goods under the ASEAN trade agreement (ATIGA) will bear zero tariff. A large amount of tax reductions are applied to items with high tax revenues such as cars (from 30% to 0%), components and spare parts (from 5% and 20% to 0%), steel (5% to 0%), among others.

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