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Banking & Finance

Budget revenue exceeds estimates

Released at: 09:52, 26/12/2014

Budget revenue exceeds estimates

State budget in slightly better shape than anticipated.

by Yen Thanh

Vietnam’s State budget had increased to VND831.19 trillion ($39.58 billion) as at December 22, 6.2 per cent higher than estimated and accounting for 98.2 per cent of the annual target.

During 2014 the entire financial sector focused on removing difficulties for trading and manufacturing industries, said Mr. Tran Xuan Ha, Deputy Minister of Finance.

Revenues from domestic sources were 5 per cent over estimates. Earnings from crude oil stood 118.4 per cent of estimates as at December 22 and accounted for 94.3 per cent of annual targets. Exports and imports contributed 4.5 per cent more than expected, accounting for 101 per cent of annual targets.

MoF estimated that budget revenue would reach VND846.4 trillion ($40.3 billion) for the year, primarily from most provinces collecting in excess of their allocated targets. Deputy Minister Ha said that the results stem from the Ministry actively cooperating with government departments and State agencies to strengthen tax inspection and settle tax debts, and to strict control VAT refunds, among other reasons.

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