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Budget deficit nears VND160 trillion

Date: 11/4/2016 9:22:36 AM

The nation’s budget deficit totaled about VND159.5 trillion, or US$7.1 billion, in the January-October period, equivalent to 62.8% of the amount approved by the National Assembly early this year.

As of October 24, the nation had collected VND268.3 trillion from Government bond sales to finance expenditures. Meanwhile, payments of foreign debt and official development assistance (ODA) loans reached VND130.84 trillion in the ten-month period, or 84.4% of the 2016 estimate.

A Ministry of Finance report on the State budget announced on November 2 showed that budget revenues stood at VND821 trillion in the first ten months, equivalent to 80.9% of the full-year plan and up 6.1% from a year earlier. Of which, revenues from domestic sources totaled VND663 trillion, meeting 84.5% of the plan and rising 13.3% year-on-year.

Budget collections from private enterprises were equivalent to 89.9% the estimate and up 19.6% year-on-year. The respective percentages were 84.9% and 16% for revenues from foreign-invested companies.

Revenues from personal income tax in January-October met 87.9% of the target and rose 15.4% from a year earlier. Property taxes and registration fees were equivalent to 130.6% and 96% of the estimates.

Notably, budget collections from State-owned enterprises (SOEs) in January-October met only 68.8% of the 2016 plan, down 1.8% versus last year’s same period. SOEs in sectors like petroleum, hydropower and coal faced difficulties, which pushed down their profits.

The first ten months saw budget revenues from crude oil totaling VND32.46 trillion, representing 59.6% of the year’s estimate and falling 42.4% year-on-year. The price of crude oil averaged out at some US$42.7 per barrel, US$17.3 lower than the level estimated early this year.

Import-export taxes contributed VND215.76 trillion to the State budget in January-October, representing 79.9% of the full-year plan and inching up 3.3% year-on-year. Value-added tax revenues amounted to VND122.26 trillion, meeting 71.1% of the plan and dipping 4.3% from last year’s same period.

Meanwhile, budget expenditures reached VND980.5 trillion in January-October, equivalent to 77% of the full-year estimate and picking up 6.9% year-on-year.

Of which, some VND161.6 trillion went to investment projects, representing 64% of the estimate. Disbursements of capital from Government bond sales met 44.1% of the plan.

The country used VND130.84 trillion to service foreign debt and ODA loans, meeting 84.4% of the plan and rising 2.8% year-on-year.

Spending on socio-economic programs, defense, security and administration stood at VND679.9 trillion, representing 82.5% of the plan and climbing 4.2% from a year earlier.

(Source:english.thesaigontimes.vn)

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