Total tax collection in 2020 is estimated at over VND1.26 quadrillion ($54.37 billion), equivalent to 100.6 percent of the estimate, Deputy Director of the General Department of Taxation Dang Ngoc Minh said on December 31.

The ongoing COVID-19 pandemic is projected to cost Viet Nam nearly VND 200,000 billion (US$ 9.4 billion) in budget revenue, according to Prime Minister Nguyen Xuan Phuc.

Feeling insecure about the national financial situation, the National Assembly and the government have continued highlighting strict management of the state budget this year,

The Government’s direct debt payment obligations may reach the permissible ceiling of 25% of the 2020 State budget collections and are expected to stand at over 25% of the State budget collections in 2021, 

The Ministry of Finance will focus on improving the business climate and creating favourable conditions for businesses to accelerate growth, which is important to ensure State budget revenue amid the COVID-19 pandemic.

The fast spreading novel coronavirus has sent State budget revenues from exports and imports plummeting, with tariff collections averaging a mere VND1.3 trillion per day over the past two months, down by VND150 billion year-on-year.

 VietNamNet Bridge – The government says the 2014 state budget will be “safe”, though the crude oil price has been falling in the world market. However, government officials admit that the continued oil price decrease has raised major concerns.

 VietNamNet Bridge – Balancing the budget in the context of continuing drop in world oil prices is one of the important issues discussed by the government at a cabinet meeting on December 1.

 Vietnamese enterprises hold high expectation for 2014; Falling buying power pushes up sugar inventory; Farmers earn big bucks from growing grass for cows; Sacombank yet to find strategic partners;

 State budget collection in the first nine months of the year met only 66.6 per cent of the annual target.

 Minister of Finance Dinh Tien Dung has voiced his concern over State budget revenue losses due to declining corporate health.

Phone and phone part exports prove to be the biggest dollar earner in Vietnam, with the export turnover of $8.1 billion in the first five months of the year. However, a very small percentage of the sum of money went to the state budget.

Steel imports top US$2 billion; Second commodity exchange opens; Import tax on used cars to increase; Power assured during dry season; Masan eyes 30-70% profit growth