As of June 15, Vietnam's state budget revenue had exceeded VND1.42 quadrillion, equivalent to USD54.6 billion, or 56.36% of the annual target. Meanwhile, public investment disbursement had reached only 20.5% of the plan assigned by the Prime Minister.

Speaking to the media on June 19, Ngo Thi Nhung, Deputy Director of the State Treasury, said cumulative state budget revenue totaled more than VND1.42 quadrillion (USD54.6 billion) by June 15, representing 56.36% of the annual estimate.

Domestic revenue, excluding crude oil, reached more than VND1.2 quadrillion (USD46.2 billion), equal to 55.98% of the annual target. Revenue from crude oil totaled VND27.5 trillion (USD1.06 billion), reaching 63.95% of the estimate. Revenue from import-export activities, after value-added tax refunds, amounted to VND165.7 trillion (USD6.37 billion), equivalent to 59.61% of the annual target.

Regarding public investment disbursement, cumulative state budget-funded public investment paid through the State Treasury reached more than VND188.8 trillion (around USD7.26 billion) by June 15. This represented 20.5% of the VND923.1 trillion (approximately USD35.5 billion) plan assigned by the Prime Minister for 2026.

Of that amount, domestic capital disbursement exceeded VND186.6 trillion (about USD7.18 billion), reaching 20.6% of the plan. Foreign-funded capital disbursement processed through the State Treasury totaled more than VND2.23 trillion (approximately USD85.8 million), equal to 12.6% of the assigned target.

According to the State Treasury, several factors continue to affect the pace of public investment disbursement this year.

Land clearance remains a major bottleneck, as delays in determining land origins, compensation rates and resettlement plans have prevented many projects from beginning construction on schedule.

In addition, shortages of construction materials, particularly fill soil, sand and stone, continue to affect project implementation. Rising material costs compared with approved estimates, combined with delays in importing equipment from abroad, have further slowed progress on numerous projects.

For large-scale and nationally significant projects, sharp increases in construction material prices have forced investors to revise project cost estimates, extending implementation timelines.

The State Treasury also noted that during the first months of the year, many project owners focused on completing procedures related to design, appraisal, approval and contractor selection. As a result, the volume of completed work eligible for acceptance and payment remained limited.

At the local level, particularly in some communes and wards, shortages of personnel responsible for public investment management and the need for officials to handle multiple duties have also contributed to slower disbursement.

Government bond issuance reaches one-third of annual target

Regarding budget financing, the Ministry of Finance assigned the State Treasury the task of issuing VND500 trillion (USD19.2 billion) in government bonds during 2026.

The State Treasury said that amid ongoing challenges in domestic and international financial and monetary markets, it has managed bond issuance flexibly in terms of maturity, volume and timing to match market absorption capacity. The approach has also been coordinated with treasury cash management activities to reduce borrowing costs and ensure public debt sustainability.

As of June 15, the State Treasury had organized 11 government bond auctions during the second quarter.

Government bond issuance reached VND88.4 trillion (USD3.4 billion) during the quarter, equivalent to 58.9% of the revised second-quarter target.

Since the beginning of the year, cumulative government bond issuance has totaled VND168.5 trillion (USD6.48 billion), achieving 33.7% of the annual plan.

All government bonds were issued through auctions with flexible maturities ranging from three to 30 years.

Nguyen Le