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State budget in deficit

Released at: 16:04, 27/10/2015

State budget in deficit

Spending outpaces contributions for the year to October 15.

by Hung Nguyen

The General Statistics Office has released a report on the State budget situation for the year to October 15.

Contributions from domestic business activities reached VND522.5 trillion ($23.41 billion), or 81.8 per cent of the estimate, from crude oil VND53.8 trillion ($2.41 billion), or 57.9 per cent, and from import and export activities VND129.9 trillion (5.82 billion), or 74.2 per cent.

In the contributions from domestic business activities some were higher than the annual estimate, such as environmental taxes of VND18.2 trillion ($815.72 million), 40.9 per cent higher than estimated, and land use fees and taxes of VND44.8 trillion ($2 billion), 14.9 per cent higher.

Personal income tax payments reached VND45.2 trillion ($2.02 billion), or 88.1 per cent of the annual estimate, while contributions from industry and trade activities (excluding SOEs) were VND95.7 trillion ($4.28 billion), or 80 per cent. Contributions from foreign-invested enterprises (excluding crude oil) reached VND103.3 trillion ($4.62 billion), or 72.5 per cent of annual estimates, and contributions from SOEs were VND158.5 trillion ($7.1 billion), or 71.8 per cent.

Budget spending in the period stood at VND867.7 trillion ($38.89 billion), accounting for 75.6 per cent of annual estimate. Spending on investment and development was VND134.3 trillion ($6.01 billion), or 68.9 per cent, spending on socioeconomic, national defense and security, and administrative management was VND605.1 trillion ($27.12 billion), accounting for 78.9 per cent, and spending on debt repayments and donations reached VND120.8 trillion ($5.41 billion), or 80.6 per cent.

The State budget deficit therefore came in at VND157.9 trillion ($7.07 billion), or 69.8 per cent of the estimate from the National Assembly for 2015, of VND225 trillion ($10.08 billion).

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