Spending deficit in first eight months up 5.6% year on year

Tuesday, 2016-09-06 10:32:06
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NDO—Vietnam’s spending deficit for the first eight months of the year was estimated at VND121 trillion (US$5.45 billion), up 5.6% over the same period last year.

According to the Ministry of Finance, expenditures during the January–August period hit VND770 trillion (US$34.65 billion), while revenues reached VND649 trillion (US$29.20 billion).

Spending on investment for development was VND120 trillion (US$5.4 billion) while spending on paying off debts was VND104 trillion (US$4.68 billion), which the finance ministry said ensured that due debts would be fully cleared without any impact on the economy.

Revenues from domestic sources in the eight months through August reached VND523 trillion (US$23.54 billion), up 12.7% year on year.

Meanwhile, revenues from crude oil fell by 43.2%, reaching only VND27 billion (US$1.22 billion) as of result of falling oil prices averaging US$46 a barrel.

Revenues from export-import duties reached VND173 trillion (US$7.74 billion), but only VND96.5 trillion (US$4.34 billion) when tax refunds were counted.