HANOI: The total state budget revenue in January was 95 per cent of the revenue year-on-year due to about 66 per cent fall in crude oil revenue, the finance ministry said. The ministry said the total budget revenue last month stood at VND102.6 trillion (US$4.66 billion), or 10.1 per cent of the expected revenue and 95 per cent of the revenue in January 2015.
The revenue from the domestic market gained a year-on-year increase of 5.8 per cent to touch VND93 trillion ($4.23 billion), because the revenue from major economic sectors increased, with the private industrial and trade sector revenue rising 14.2 per cent, the foreign-invested enterprise sector revenue increasing 13.7 per cent; and the individual income tax revenue jumping by 20 per cent.
However, the ministry said the budget revenue from crude oil fell by 65.7 per cent year-on-year to reach VND3.2 trillion ($145.5 million) in January.
The reduction was due to the slump in the average crude oil price in Viet Nam by $22 to reach $38 per barrel, as against expected calculations following the fall in world crude oil prices, the ministry said. The budget revenue from import and export activities also dropped by 19.8 per cent year-on-year to reach VND17.8 trillion ($809.1 million).
The ministry said the value of key exports fell, reducing the income from exports. The value of completely built-up auto exports plunged by 55.9 per cent, of steel exports by 20.9 per cent and of equipment and component exports by 4.8 per cent.
Meanwhile, the expenditure revenue reached VND107.86 trillion ($4.9 billion), the ministry said, leading to a budget deficit of VND5.26 trillion ($240 million) in January.
