HANOI: State budget revenues amounted to VNĐ821 trillion (US$36.5 billion) in the first 10 months of 2016, a year-on-year rise of 6.1 per cent. The figure accounted for 80.9 per cent of the annual estimate, according to the Ministry of Finance. Domestic collection reached VNĐ663 trillion, making up 84.5 percent of the yearly target and representing a year-on-year increase of 13.3 per cent.
Main contributors include the non-State industry and trade sector (up 19.6 per cent), and foreign invested businesses (up 16 percent). However, revenues collected from State-run enterprises only reached 68.8 per cent of the estimate, down 1.8 per cent over the same period last year.
The finance ministry pointed to difficulties in manufacturing and trade activities in several sectors such as mining, oil and gas processing, hydropower, and coal. Budget collection from crude oil in the 10-month period was recorded at VNĐ32.46 trillion, equal to 59.6 per cent of the annual estimate, down 42.4 per cent.
Import-export activities contributed VNĐ215.76 trillion to the State budget, fulfilling 79.9 per cent of the yearly goal, posting a year-on-year rise of 3.3 per cent. Meanwhile, budget expense in January – October totaled VNĐ980.5 trillion, meeting 77 per cent of the annual target, up 6.9 per cent year-on-year. The ten-month State budget overspending stood at VNĐ159.5 trillion, equal to around 62.8 per cent of the National Assembly’s set target. As of October 2016, 51 businesses had their equitisation plans approved. In January – October, groups, companies and units divested VNĐ3.3 trillion in five sensitive fields and collected VNĐ6.4 trillion.
In the remaining months of this year, the Ministry of Finance will continuously operate the central budget, revise and supplement regulations on tax management, and speed up the disbursement of public investment capital. The ministry also pledged to promptly remove shortcomings in the application of the Law on State budget, the Law on Public Investment, and the Construction Law, and guiding documents.
