HANOI: Vietnam’s state revenue grew 2.4 percent to VND160.1 trillion (US$7.08 billion) in the first two months compared to the same period last year, the Ministry of Finance said on Thursday. That is significantly lower than the 17.3 percent increase this time last year.
Earnings from crude oil, one of the state budget’s major income sources, dropped by nearly 57 percent to VND5.77 trillion ($255.3 million), it said. The WTI crude was sold at $29.79 per barrel on average last month, down 6 percent from January.
Vietnam also saw a decrease of 24.4 percent in revenue from export and import duties, according to the ministry. The only bright spot was the collection of other taxes and fees, which grew 12.8 percent to VND139.98 trillion ($6.19 billion), accounting for more than 87.4 percent of the total revenue.
Vietnam’s state budget saw a deficit of VND25.47 trillion ($1.12 billion) in the first two months. The government spent VND28.85 trillion ($1.27 billion) paying debts, up 4.7 percent year-on-year.
