return icon Vietnamnet.vn

State budget revenue reaches seven-year record low

The total State budget revenue was estimated to be at VND668,700 billion, equaling 44.2% of the anticipated amount by the end of June, marking a 10.5% drop over the same period last year and the lowest levels since 2013.

state budget revenue reaches seven-year record low hinh 0

During a speech at a July 7 online conference to review the State budget, the country’s financial performance in the first half of the year, and to deploy financial tasks for the remainder of the year, Finance Minister Dinh Tien Dung said the impact of the novel coronavirus (COVID-19) epidemic had led to a sharp fall in global crude oil prices.

This has occurred alongside the implementation of preferential policies regarding taxes, fees, and other revenues, therefore leading to a downturn in the State budget revenue during the opening months of the year.

Most notably, revenue from three leading economic sectors stood at low levels. Specifically, revenue from state-owned enterprises only reached 37.1% of the their anticipated value, a fall of 21.5%, whilst revenue from FDI enterprises stood at 41.9% of the estimate, a drop of 6.3%, with revenue from the non-state economic sector reaching only 37.1% of the estimate, down 15%.

These figures indicate the current state of the national economy, with the performances of local businesses facing plenty of difficulties.

With regard to the management of State budget spending, Minister Dung said that the total state budget expenditure as of the end of June was approximately VND729,400 billion, equal to 41.8% of the anticipated figure.

In general, the management of State budget spending was carried out in an effective manner and in line with proper policies.

According to the Finance Minister, an economic growth rate of 1.81% during the first half of this year, coupled with falling import-export turnover, led to achieving the growth target set out by the Government and reported to the National Assembly being extremely difficult to meet,  in turn affecting the State budget revenue and expenditure balance.

In order to reduce the negative impact of the COVID-19 pandemic and to spread out future challenges among enterprises and citizens, the Ministry of Finance urged both the Government and the National Assembly to request central and local ministries move to put State budget spending under stricter control.

This should be done by cutting at least 70% of conference and domestic travel expenses, in addition to saving a further 10% from other regular expenditures such as unnecessary procurement expenses.

In addition, no adjustments should be made to the base salary for cadres, civil servants, officials, armed forces, and pensions from July 1.

The financial sector has devised 10 important tasks to be carried out during the remaining months of the year with a particular focus being placed on improving institutions, boosting administrative reform, removing difficulties for production and business, and increasing investment attraction for economic development. VOV

Fees and charges make up growing shares in Vietnam state budget revenue

Fees and charges make up growing shares in Vietnam state budget revenue

Such increases have created a burden on the citizens, while multinationals are taking advantage of Vietnam’s incentive policies to avoid taxes.

Four-month State budget revenue posts drop as Gov’t offers tax relief

Four-month State budget revenue posts drop as Gov’t offers tax relief

The State budget revenue in January – April was estimated to total VND491.38 trillion (US$21.18 billion), representing a drop of 5.9 per cent against...

MORE NEWS

Foreign travel website suggests 10 best things when visiting Vietnam

Kayaking in the waters of picturesque Cat Ba island and taking a food tour to sample delicacies around Ho Chi Minh City are among the 10 best things to do in Vietnam, according to UK-based travel website Time Out.

Electronics industry capacity must keep up with increased investment

Vietnam needs policies to enable the electronics industry to ready its supply chain as the country becomes ever more attractive for investment, Deputy Director of the Industry Agency under the Ministry of Industry and Trade Pham Tuan Anh said.

VN central bank shifts up interest rates to combat US Fed adjustments

After the State Bank of Vietnam implemented the new operational interest rate on September 23, all joint-stock commercial banks, with the exception of state-owned ones, have adjusted the deposit interest rate for most terms.

HCM City targets international cruise tourists

Ho Chi Minh City has great potential to attract international cruise tourists as part of an effort to speed up tourism recovery post-pandemic, experts said.

Waste criteria lacking for nation’s IPs

Vietnam’s industrial parks are in the process of transitioning to more ecological models, but are struggling due to a lack of regulations on reusing treated waste and wastewater.

Vietnam experiences solid rise in production

The Vietnamese manufacturing sector rose solidly inside growth territory at the end of the third quarter of the year.

VN-Index bounces back from two-year low

The benchmark VN-Index on Wednesday regained the 1,100-point landmark after falling to a two-year low, but low liquidity may threaten the market recovery in the next sessions.

Sexual-assault victims choose to remain silent amid backlash on social media

Many travelers have told VietNamNet that they had been victims of sexual assault but later decided not to report their cases for fear of being ridiculed and blamed.

'South Korean street’ in HCM City deserted as business people leave

Amid business decline, some South Korean businessmen have gone bankrupt or shut down their business and left for their home country. It’s unclear if they will come back.

Foreign tech firms scale up operations in Vietnam

Molex, the world’s leading electronic component and connection device manufacturer, has announced a plan to expand its production facility in Hanoi with a total production area of 16,000 sq m.

Vietnam’s veggie, fruit imports from China surge

Vietnam spent some US$473 million importing vegetables and fruits from China between January and August, surging by 74% year-on-year and accounting for 38% of the country’s total veggie and fruit imports.

Legal move towards fair competition in pay TV market

A new decree on the use and management of broadcasting services aims to create an impartial playground between domestic and foreign pay TV service providers.

79 villas to be pulled down in Phu Quoc for construction violations

Authorities in Phu Quoc Island in the southern Kien Giang Province are removing 79 villas that were illegally built in Duong To Commune.

Vietnam needs large domestic shipping lines

The lack of domestic shipping firms has caused difficulties for export companies.

VN seeks ways to increase export of organic farm produce

The organic food market was expected to reach $437.36 billion by 2026 with a compounded annual growth rate of 14 per cent.
back_to_top