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Banking & Finance

Budget deficit nears $7 billion

Released at: 13:15, 28/11/2015

Budget deficit nears $7 billion

Figures to November 11 released by GSO.

by Hung Nguyen

The General Statistics Office has released budget figures for the year to November 11. Total revenues were estimated at VND807 trillion ($35.88 billion), representing 86 per cent of the annual plan, while expenditure was VND961.9 trillion ($42.77 billion), or 84 per cent of the annual plan. The budget was therefore in deficit by VND154.9 billion ($6.88 billion).

Revenue from domestic sources stood at VND598.4 billion ($26.10 billion), reaching 93.7 per cent of the annual plan, with revenue from crude oil at VND58.4 trillion ($2.59 billion), or 62.8 per cent, and revenue from import and export activities of VND145.9 trillion ($6.48 billion), representing 83.3 per cent of the plan for the year.

Some domestic revenue sources exceeded annual targets, such as environment protection taxes, at VND21.1 trillion ($938.31 million) and 163 per cent of the target, and land use fees VND49.2 trillion ($2.18 billion) and 126 per cent.

Revenue from income tax was VND49.6 trillion ($2.2 billion), representing 96.7 per cent of the annual estimate, tax payments by foreign investment enterprises, excluding crude oil, reached VND118 trillion ($5.24 billion), accounting for 83 per cent of the annual estimate, and State-owned enterprises (SOEs) forwarded VND185.6 trillion ($8.25 billion) to the State budget, or 84 per cent of the annual plan.

Expenditure of VND961.9 trillion ($42.77 billion) represented 84 per cent of the annual plan. Development expenditure totaled VND143.9 trillion ($6.39 billion), or 74 per cent of the annual estimate, expenditure on socioeconomic development, national defense and security, and administration was VND676.7 trillion ($30.09 billion), representing 88 per cent, and expenditure on debt and donor repayments was VND132.9 trillion ($5.91 billion), representing 88.6 per cent.

Ho Chi Minh City’s budget revenue reached VND249,43 trillion ($11.09 billion), representing 93 per cent of the annual estimate and increasing 5.8 per cent against the same period last year. Revenue from domestic sources in the city reached VND141.27 trillion ($6.28 billion), or 98 per cent, for an increase of 14 per cent year-on-year, revenue from crude oil stood at VND21.27 trillion ($945.87 million), representing 66.5 per cent and 27.6 per cent lower year-on-year, and revenue from import and export services reached VND84.5 trillion ($3.75 billion), representing 94 per cent and 4.8 per cent higher year-on-year.

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