Vietnam posts budget surplus of VND66 trillion

Monday, 2019-06-03 13:13:58
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The budget surplus was attributed to positive business, production and import-export activities. (Illustrative image)
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NDO – State budget revenue was reported at VND553.5 trillion (US$23.80 billion) while budget spending was estimated at VND486.9 trillion (US$20.93 billion) from the beginning of the year to May 15, resulting in a budget surplus of approximately VND66 trillion (US$2.83 billion).

Hanoi was among the localities posting the highest budget revenue thanks to the growth of production and business activities and the effective performance of the Government, said Mai Son, director of Hanoi Tax Department.

According to the General Statistics Office (GSO), the budget surplus was attributed to positive business, production and import-export activities while budget spending still ensures debt payment, national defence and security, social welfare and operation of the state apparatus.

In the first five months of 2019, Vietnam recorded US$100.74 billion worth of export revenue, a year-on-year increase of 6.7%, and US$101.28 billion worth of import revenue, a year-on-year increase of 10.3%. Thanks to increasing import and export revenue, tax collected from import and export activities soared by 23.5% compared to the same period last year.

GSO said that budget revenue from early this year to May 15 was estimated at VND553.5 trillion, equivalent to 39.2% of the year’s estimate, including VND447.6 trillion worth of domestic tax collection, VND21.8 trillion worth of tax collection from crude oil and VND83.3 trillion in tax collection from import and export activities.

During the period, the total budget spending was reported at VND486.9 trillion, equivalent to 29.8% of the year’s estimate.