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Banking & Finance

Budget revenues exceed estimates

Released at: 12:12, 23/01/2015

Budget revenues exceed estimates

MoF report notes revenues came in at 10 per cent higher than estimated.

by Nguyen Hung

The State budget exceeded revenue estimates by VND75 trillion ($3.6 billion) in 2014, Deputy Minister Finance Nguyen Thi Mai told a recent press conference.

State budget revenues in 2014, excluding value added tax refunds of about VND80 trillion ($3.8 billion), were more than VND858 trillion ($40.85 billion), nearly 10 per cent higher than estimated, the Deputy Minister said.

The figure was nearly VND11.7 trillion ($557.14 million) higher than that contained in a report submitted to the National Assembly a month ago.

"Most region's revenues exceeded estimates," Deputy Minister Mai said, adding that the excess revenue of VND10 trillion ($476.19 million) would be spent on implementing wage policies and repaying national debt.

The Ministry of Finance (MoF) report did not mention the impact of the declining oil price, but Minister of Finance Dinh Tien Dung said it had both positive and negative impacts on the economy and MoF has submitted a detailed report on the impacts to the government.

Total government bonds over the past year stood at more than VND248 trillion ($11.80 billion), reaching nearly 95 per cent of the plan, and increased 37 per cent compared to 2013, according to the MoF report.

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