VietNamNet Bridge – State budget revenue collection was a difficult task in the first half of the year, with some VND356.5 trillion collected, or only 44% of the estimate for the whole year, said the Ministry of Finance at a conference in Hanoi on Wednesday.

The most important revenue was the domestic one, totaling VND236.17 trillion, or over 44% of the estimate, the lowest level in recent years. Domestic revenue stood at 52%, 53% and 45% of the estimate in the first half of 2010, 2011 and 2012 respectively.

Eleven of the 14 revenue sources generated a lower sum than estimated, meeting less than 50% of the year’s estimate. They included revenue from State-owned enterprises (39%), revenue from non-State sectors (43%), revenue from foreign-invested enterprises (49%) and revenue from environmental protection tax (40%).

Forty two cities and provinces earned revenue below 50% of the estimate, including major localities like Hanoi, Haiphong, Quang Ninh, Danang, HCMC, Dong Nai, Binh Duong and Ba Ria-Vung Tau.

Revenue from crude oil reached VND55.43 trillion, or 56% of the estimate, although oil prices in the first six months averaged out at some US$112 per barrel, US$22 higher than estimated.

Revenue from exports totaled VND61.92 trillion, meeting more than 37% of the estimate.

State budget spending in the first six months is estimated at VND448.91 trillion, standing at nearly 46% of the year’s estimate, up 7.5% year-on-year.

Around VND77.92 trillion was spent on investment and development. Some VND52.18 trillion was used for debt repayment.

An estimated VND318.81 trillion was spent on socioeconomic development, national defense and security, and administration.

State budget deficit in the first half of 2013 is put at VND92.39 trillion, reaching 57% of the estimate for this year.

As of June 25, over VND120 trillion had been raised via government bond issuance, meeting 61.8% of the target for capital mobilization in 2013.

Source: SGT