VINACHEM

Vietnam’s budget deficit has reached VND176.9 trillion (US$7.6 billion) in the January-November period, according to the General Statistics Office (GSO).

A GSO report on the country’s socio-economic performance said that as of November 15, budget collections had amounted to VND851.8 trillion, 84.1% of the 2016 estimate.

Of which, domestic revenues had totaled VND683.5 trillion, representing 87.1% of the full-year estimate, and collections from crude oil had stood at VND34.5 trillion, 63.4% of the year’s goal. Import-export tariff revenues had reached VND131.3 trillion, 76.3% of the estimate.

The GSO said collections from domestic sources have fared better. For instance, budget revenues from land use fees total VND68.8 trillion in the 11-month period, 37.6% higher than the 2016 plan.

Tax revenues from the private sector in the industry, trade and services fields have amounted to VND135 trillion, 94.1% of the estimate. Meanwhile, environmental protection tax revenues have stood at VND35.2 trillion, personal income tax revenues at VND57.3 trillion and tax collections from foreign-invested companies (excluding crude oil) VND137.3 trillion.

Budget revenues from State-owned enterprises have reached VND176.6 trillion, representing 68.9% of the full-year estimate.

By mid-November, budget expenditures had exceeded VND1,024 trillion, 80.5% of the 2016 plan. Of the sum, investment projects make up VND167.7 trillion, socio-economic, defense, security and administration programs VND713.9 trillion and debt payments VND136 trillion.

Overall, the country has seen its budget deficit amounting to VND176.9 trillion in January-November.

According to the 2016 plan on budget collections and expenditures, budget revenues are put at roughly VND1,050 trillion and budget spending is estimated at VND1,273 trillion.

VND155 trillion is set aside for repayments of foreign loans and VND254.95 trillion for

investment projects. To meet those budget targets, budget collections should be increased in the rest of the year.

The Ministry of Finance has told the tax and customs agencies to collect more tax arrears, launch investigations and force late payers to fulfill their tax obligations.

The budget deficit has caused public debt to edge up. According to a National Assembly Financial and Budgetary Committee report on a public debt review in the 2016-2020 period, public debt had surpassed VND2,600 trillion by end-2015, 62.2% of gross domestic product.

SGGP