Vietnam’s fiscal deficit swells to $1.81 billion in Jan-Oct

31-Oct-2018 Intellasia | Hanoi Times | 6:00 AM Print This Post

State budget revenues as of September 15 reached VND1,009 trillion (US$43.37 billion), equivalent to 76.5 percent of the year`s estimate.

Vietnam saw a budget deficit of VND42.2 trillion (US$1.81 billion) from the beginning of the year to October 15, expanding from a deficit of VND38.3 trillion (US$1.63 billion) recorded 15 days earlier, according to the general Statistical Office (GSO).

Overall, state budget revenues as of October 15 reached VND1,009 trillion (US$43.37 billion), equivalent to 76.5 percent of the year’s estimate.

Of the total, collections from domestic taxes and fees in the period stood at VND798.5 trillion (US$34.32 billion) or 72.6 percent of the year’s estimate. Of the sum, the state sector contributed VND110.2 trillion (US$4.73 billion) or 66.2 percent of the year’s plan, the FDI sector VND131.9 trillion (US$5.67 billion) (excluding crude oil) or 59.2 percent. Moreover, VND153 trillion (US$6.57 billion) was collected from non-state industrial, commercial and service taxes, equaling 70.2 percent, and VND34.1 trillion (US$1.46 billion) from tax on environmental protection or 70 percent.

Revenue from trade jumped to VND158 trillion (US$6.79 billion) or 88.3 percent of the year’s estimate, and that from crude oil exports totalled VND48.5 trillion (US$2.08 billion) or 135.2 percent.

Additionally, personal income tax contributed VND72.1 trillion (US$3.09 billion) to the state budget or 74.4 percent of the year’s estimate, and land use rights VND92.6 trillion (US$3.97 billion) or 107.8 percent.

Meanwhile, Vietnam’s state budget expenditures as of October 15 totalled VND1,051 trillion (US$45.17 billion), equivalent to 69 percent of the year’s plan. Of the total, regular spending reached VND728.9 trillion (US$31.32 billion) or 77.5 percent of the plan. Expenditure for development investment reached VND220.1 trillion (US$9.45 billion) or 55.1 percent, and interest payment of VND84.5 trillion (US$3.63 billion) or 75.1 percent.

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 percent 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 percent to 0 percent), components and spare parts (from 5 percent and 20 percent to 0 percent), steel (5 percent to 0 percent), among others.

http://www.hanoitimes.vn/economy/2018/10/81E0CE7B/vietnam-s-fiscal-deficit-swells-to-us-1-81 billion-in-jan-oct/

 


Category: Economy, Vietnam

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