June 23, 2018 19:19

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State revenue sustains strong growth

17:01 | 07/03/2018

VCN- According to the latest report from the Ministry of Finance, State revenue in February 2018 is estimated at VND 78.9 billion. Thus, in the first two months of 2018, total State revenue reached VND 215.76 trillion, equivalent to 16.1% of the estimate, an increase of 12.7% compared to the same period in 2017.     

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Import and export activities sustain growth. Therefore, the State revenue is quite stable. Photo: H.N

Domestic revenue in the first two months reached VND 179.4 trillion, equivalent to 16.3% of the estimate, an increase of 12.9% compared to the same period in 2017. Excluding specialized revenues (revenue from land use fees, lottery, dividend and after-tax profit of the State enterprises), the domestic revenue is estimated at VND 150.9 trillion, equivalent to 17.4% of the estimate, an increase of 15.5% compared to the same period in 2017. In which, revenue from foreign invested sector is estimated at 16.5%, increasing by 7.1%; revenue from Personal Income Tax us estimated at at 17.6% , increasing by 6.3%; revenue from fees and charges is estimated at 18.3%, increasing by 29.8%.

It is estimated that domestic revenue of 45 of 63 localities in the country reach the estimate (over 16%), of which revenue of 31 localities reach over 18% of the estimate; revenue of 51 of 63 localities is higher than the same period, and revenue of 12 localities is lower than the same period.

Revenue from crude oil in the first two months of 2018 reached 9.1 trillion VND, equivalent to 25.4% of the estimate, an increase of 28.2% compared to the same period in 2017. The volume of oil reached 2.61 million tons, equivalent to 19% of the estimate, the average price reached US$ 67.7/ barrel, up US$ 17.8/ barrel compared to the estimate and was higher by US$ 10.3 compared to the same period in 2017.

Revenue from import and export activities reached VND 41.7 trillion, equivalent to 14.73% of the estimate, equaling the same period in 2017. Thanks to the sustained growth of import and export activities, the total import and export turnover in the first two months was estimated at US$ 66.16 billion, up 19% compared to the same period in 2017 (of which, export turnover was estimated at US$ 33.62 billion, up 22.9% and import turnover was estimated at US$ 32.54 billion, up 15.3% compared to the same period in 2017).

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Total State expenditure in February was estimated at VND 85.1 trillion, accumulative expenditure in two months reached 177.7 trillion VND, up 2% compared to the same period in 2017. Specifically, development expenditure reached VND 7.5 trillion, equivalent to 1.9% of the estimate; expenditure for interest payments reached approximately VND 22 trillion, equivalent to 19.5% of the estimate, recurrent expenditure reached VND 147.8 trillion, equivalent to 15.7% of the estimate.

The Central budget and local budget at all levels are ensured. As of 28th February 2018, the Government issued VND 29.38 trillion of Government bonds (reaching 14% of the plan), ensuring timely sources for expenditure and original debt payment of Central Budget in accordance with the estimate.

In the secondary market, the average trading volume per day of Government bonds and guaranteed Government bonds in February 2018 was about VND 12,358 billion per session, 18.7% higher than the average in January 2018.

By Hong Van/Ngoc Loan